TORONTO, Feb. 25, 2021 /CNW/ - Equitable Bank, Canada's Challenger Bank™, announced a new lending arrangement with Sun Life that will allow qualifying Sun Life policyholders to access funds through an Equitable Bank Cash Surrender Value (CSV) Line of Credit. A CSV line of credit is an attractive option for Canadians to access capital. This suite of products provides access to innovative insurance solutions that give policyholders tax-free cash flow opportunities. With flexible options provided via trusted lending arrangements -- like this one with Sun Life -- Canadians have more choices than ever to think about the life they want to be living. "By expanding our CSV offerings...
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Equitable Financial To Pay $50 Million Penalty To Settle SEC Charges That It Provided Misleading Account Statements to Investors The Securities and Exchange Commission today announced fraud charges against Equitable Financial Life Insurance Company for providing account statements to about 1.4 million variable annuity investors that included materially misleading statements and omissions concerning investor fees. Equitable agreed to pay $50 million to harmed investors, most of whom are public school teachers and staff members, to settle the charges. As described in the SEC’s order, since at least 2016, Equitable gave investors the false impression that their quarterly account statements...
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WEST CHESTER, Pa., June 1, 2021 /PRNewswire/ -- Venerable Holdings, Inc. ("Venerable") today announced the completion of its acquisition of Corporate Solutions Life Reinsurance Company ("CS Life Re"), a Delaware domiciled and New York licensed reinsurance company, from Equitable Holdings, Inc. (NYSE: EQH ) ("Equitable Holdings"). With the close of this transaction, Venerable's pro forma assets under management and reinsurance increase to approximately $70 billion. On a pro forma basis, Venerable has more than doubled its general account assets from $9 billion to $19 billion, in addition to over $51 billion in separate account reinsured. The transaction includes reinsurance of a legacy...
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Life insurance technology company Bestow and financial services firm Equitable have announced a partnership to launch Term-in-10, a new, entirely digital term life insurance offering. “As one of the most respected life insurers in the industry, Equitable is the ideal first enterprise carrier partner for us at Bestow,” said Melbourne O’Banion, co-founder and CEO of Bestow. “We came together because of our joint commitment to build innovative solutions that expand access to financial protection. We’re excited to deliver our unique product expertise and platform to Equitable advisors, financial professionals and customers.” Term-in-10 was designed for...
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Since at least 2016, Equitable provided quarterly account statements to about 1.4 million investors that included materially misleading statements and omissions concerning significant fees paid in connection with variable annuity investments, the SEC order said. Most the affected investors were invested in Equitable's proprietary EQUI-VEST variable annuities within a 403(b) or 457 plan, the SEC noted. While Equitable gave investors the false impression that their quarterly account statements listed all fees paid during the period, the SEC's investigation found that its account statements "excluded the most significant fees that investors paid from the fees listed on the account statements....
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TORONTO, March 22, 2022 /CNW/ - Equitable Bank, Canada's Challenger Bank™, continues to grow its life insurance lending program, announcing today that it has entered into a new lending arrangement with Equitable Life of Canada that will allow qualifying Equitable Life policy owners to access funds through Equitable Bank's insurance lending solutions, which include CSV Lines of Credit and the Immediate Financing Arrangement (IFA). "Adding Equitable Life to our Insurance Lending Program strengthens our program overall and positions our team to expand our reach across Canada via Advisors and Financial Planners," said Mahima Poddar, Senior Vice President and Group Head of Personal...
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New business growth and outstanding investment performance key contributors to results 2021 Financial Highlights Net income of $187 million, for a return on policyholders' equity of 16.6% Dividends to participating policyholders increased by 30% to $79 million Capital strength, as measured by the LICAT ratio, ended the year at 167% Participating policyholders' equity surpassed $1.2 billion Premiums and deposits increased by 16% to $2.0 billion Sales of $134 million in Individual Insurance, $498 million in Savings and Retirement and $49 million in Group Benefits Benefits and payments to policyholders of $942 million Assets under administration grew to $6.8 billion from $6.0 billion WATERLOO...
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Summarized View: The Equitable Life and Casualty Company has been providing quality insurance since 1935. Contract through NAAIP and sell their popular Medicare Supplement and Hospital Indemnity products at the guaranteed highest commissions. Customers and agents alike find Equitable Life's service to be personal, friendly and professional throughout the United States. Equitable Life Medicare Supplement Benefits Include: Agent Benefits Include: Advancing After Minimal Sales Client Benefits Include:* Guaranteed renewable policies Easy underwriting process Instant approval on policies Excellent customer service Detailed Product View: Equitable has offered products to the senior market since...
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A company that was once a high-profile pillar of the U.S. life insurance industry is continuing to reestablish itself as an independent, U.S.-based company. Equitable Holdings Inc. announced Friday that Thomas Buberl — the chief executive officer of AXA S.A. — has left the Equitable board. The Equitable Life Assurance Society of the United States was founded in New York in 1859, and its executives and directors were prominent in New York society. AXA, a company based in Paris, acquired control over Equitable in 1991. AXA began the process of spinning Equitable off as a separate company in 2017, partly in response to changes in European insurance company accounting and solvency laws. AXA...
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Insurance fintech Bestow signs first enterprise deal with Equitable Financial While some insurance providers are turning to fintech to expand agents’ ability to offer financial planning , investment management and even cryptocurrency , at least one is looking to digitize how it sells actual life insurance. Equitable, a financial services company that was previously owned by AXA Group, has partnered with fintech startup Bestow to launch an entirely digital term life insurance product. Called Term-in-10, the product will only be available through Equitable’s network of financial professionals, including financial advisors on its brokerage, Equitable advisors. After working with an advisor...
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