ST. PAUL, Minn.–(BUSINESS WIRE)–
Securian Financial announced today that it has increased its corporate retention on individual life insurance cases from $5 million to $10 million, enhancing the company’s ability to serve affluent clients and compete for larger, more complex life insurance opportunities.
The increased retention gives Securian greater flexibility to support large individual life insurance cases by retaining more of the risk internally while continuing to apply its disciplined underwriting and risk management standards. The change expands the company’s capacity to support higher face amounts and complex case designs, making Securian an even stronger partner for financial professionals serving the high-net-worth market.
“This is an important investment in our large-case capabilities and another example of how we’re evolving to meet the needs of our distribution partners and their clients,” said Jake Jones, Securian Financial second vice president and actuary for Individual Solutions. “By increasing our corporate retention, the financial professionals we work with will benefit from expanded support for larger face amounts, greater flexibility in jumbo and multi-carrier case designs and added confidence when placing affluent-market business with Securian.”
The new corporate retention limit took effect August 1, 2026, and is available for eligible cases that meet Securian’s underwriting and risk management guidelines.
ABOUT SECURIAN FINANCIAL
To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 145 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.
Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.
Life insurance products contain charges, such as Cost of Insurance Charge, Cash Extra Charge, and Additional Agreements Charge (which we refer to as mortality charges), and Premium Charge, Monthly Policy Charge, Policy Issue Charge, Transaction Charge, Index Segment Charge, and Surrender Charge (which we refer to as expense charges). These charges may increase over time, and these policies may contain restrictions, such as surrender periods. Policyholders could lose money in these products.
This is a general communication for informational and educational purposes. The information is not designed, or intended, to be applicable to any person’s individual circumstances. It should not be considered investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action. If you are seeking investment advice or recommendations, please contact your financial professional.
Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Property and casualty insurance products are issued by Securian Casualty Company, a New York authorized insurer. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. Product availability and features may vary by state.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.
Not a deposit — Not FDIC/NCUA insured — Not insured by any federal government agency — Not guaranteed by any bank or credit union — May go down in value
Parents may be more likely to have a plan but childcare and education costs limit retirement savings
KEY FINDINGS:
54%without children feel confident in their ability to meet their savings goal for retirement, compared to 72% of Americans with kids
62% without kids do not have a written financial plan, compared to 42% of those with kids
MINNEAPOLIS–(BUSINESS WIRE)–
As Americans weigh whether to have children and the effect on their financial future, those without kids are significantly less confident about meeting their retirement goals, according to the 2026 Annual Retirement Study* from the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America (Allianz Life).
Americans without children are least likely to feel confident in their ability to meet their retirement savings goal (54%), compared to Americans with kids (72%). Among parents, those with one to two children (74%) are more likely to feel confident versus those with three or more children (66%).
“It may seem counterintuitive that people without kids are less financially confident and more worried about retirement,” says Kelly LaVigne, VP of consumer insights at Allianz Life. “But not having children — and the expenses that come with kids — doesn’t automatically mean you have a plan to save. Parenthood often forces tough conversations about money. Without that catalyst, too many Americans may be moving forward without a strategy.”
The study found Americans who do not have kids are less likely to have a written financial plan. The majority without kids (62%) do not have a written financial plan, compared to 42% of those with kids.
Childless but not carefree
For Americans without kids, present expenses and rising costs are top of mind. About three in five without children (61%) say they can’t even think about saving for retirement right now because they are just trying to take care of day-to-day expenses, compared to 53% with children.
Americans without kids also express financial anxiety about rising costs.
71% without kids worry that the rising cost of living will prevent them from enjoying their retirement (64% with children)
66% without kids worry they will not be able to afford the high cost of long-term care (60% with children)
54% without kids worry rising housing costs will limit their ability to save for retirement (47% with children)
What’s keeping parents from saving for retirement?
While parents express more financial confidence, they still need to make choices on where their money goes. Among Americans with kids who are not saving as much for retirement as they would like, 29% say paying for children’s education and 27% say childcare costs are keeping them from saving. Americans with kids are also more likely to say credit card debt (40%) and car loan debt (25%) is hindering their ability to save as much as they would like for retirement.
“With the help of a financial professional, you can create a strategy that supports your kids and your long-term finances, so you’re not sacrificing your future to invest in theirs,” LaVigne says.
Considering finances before having kids
For many Americans, the decision to have children and their retirement strategy are connected. Nearly half (48%) say they considered (or would consider) the potential challenges in saving for retirement as a significant factor when deciding whether or not to have children. Millennials (64%) were more likely to consider this than Gen Xers (41%) or boomers (18%).
“Becoming a parent is a deeply personal decision and everyone has their own unique set of circumstances. Finances are one of them,” said Kelly LaVigne, VP of consumer insights at Allianz Life. “Regardless of whether you have kids or not, writing down a financial strategy is one of the most powerful things you can do for your future security. And it’s a variable you can control.”
*Allianz Center for the Future of Retirement® conducted the 2026 Annual Retirement Study in January 2026 with a nationally representative sample of 1,000 respondents age 25+ with an annual household income of $50K+/$75K+ (single/married) OR investable assets of $150K+.
The Allianz Center for the Future of Retirement® produces insights and research as a part of Allianz Life Insurance Company of North America.
Allianz Life Insurance Company of North America does not provide financial planning services.
Annuities and life insurance are issued by Allianz Life Insurance Company of North America (Allianz). Registered index-linked annuities are distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427 www.allianzlife.com
This content does not apply in the state of New York.
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America (Allianz Life), one of the Ethisphere World’s Most Ethical Companies®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2025, Allianz Life provided additional value to its policyholders via distributions of more than $18.7 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and indexed universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a registered investment adviser and wholly owned subsidiary of Allianz Life, manages the suite of AllianzIM exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with more than 156,000 employees in nearly 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.
Here is something that happens more than anyone in this industry likes to admit. A client dies. You’ve managed their money for 15 years. You know their kids’ names. And within a year, the surviving spouse is gone too; not because they died, but because they walked away and took the assets to another advisor.
Adam Sheer
It’s not personal. It’s not because you did a bad job. It’s because somewhere along the way, you were the name on the statements, not the person the family trusted when things became difficult.
Here’s the statistic that should stop you cold. Between 70% and 90% of surviving spouses leave their advisor within a year of the client’s death. That statistic gets repeated constantly in this industry, and almost nobody has fixed it. The usual advice – invite the spouse to more meetings, check in more often – treats a symptom. It never touches the real cause, which is that the relationship with the surviving family usually isn’t real until grief forces it to be, and by then it’s too late.
There’s a conversation that fixes this at the root, and almost no advisor is having it.
It’s funeral preplanning. And before you picture caskets and floral arrangements, stop, because that’s not what this is. This is a financial planning conversation with real emotional weight, which happens to be exactly the kind of conversation you already own. Long-term care. Legacy wishes. What happens to the business after a client’s death. You built your practice on having the hard conversations everyone else avoids. This is simply the one you haven’t added yet.
Only about one in five funerals in the U.S. are preplanned, according to the National Funeral Directors Association. Sit with that for a second. Four out of every five families you’ll ever serve are going to walk into a funeral home for the first time on the worst day of their lives, unprepared, overwhelmed, making decisions they’ve never made before, under pressure. It’s not because they don’t care. Research from The Foresight Companies’ Funeral and Cemetery Consumer Behavior Study found that 46% of consumers now say they’d rather handle funeral arrangements virtually than sit across from someone at a funeral home; this is up from 34% before the pandemic. People don’t want the traditional experience. Nobody has offered them anything else.
Here’s the part that should really get your attention. That same research found the single biggest education gap in the entire funeral profession is preplanning itself. Funeral professionals believe they’re communicating this well. Consumers say they’re barely hearing it at all. That gap is sitting wide open right now, and you are exactly the person who can walk through it.
Why you? Because you’re already in the room. You’re already having the retirement income conversation, the legacy conversation, the “what happens when I’m gone?” conversation. Adding preplanning to that conversation isn’t a stretch. It’s the piece that makes everything else you’ve built hold together when it matters most.
When a parent dies without a plan
There’s a human reason to care here too, and it matters as much as the business case. When a parent dies without a plan, it’s the surviving spouse or the adult children who spend hours in a funeral home, grieving, sleep-deprived, making decisions they’ve never made before, at the exact moment they’re least equipped to think clearly. If you’ve ever wondered what it really means to protect a family, this is it. Not just their money. Their hardest week.
The technology that once made this hard to offer directly isn’t a barrier anymore. Point-of-sale software now lets a licensed professional guide a client through the entire preplanning process, from selecting arrangements to submitting the insurance application, in about 40 minutes. Shorter than most client reviews. It fits inside a meeting you’re already having. Confirm the licensing requirements in your state, but the operational excuse that once existed is gone.
So picture it. You bring this conversation into your practice. You become the advisor who protects families from more than market volatility, the one who thought ahead about the day nobody wants to think about. The relationship with the surviving spouse isn’t built in a rushed meeting during probate. It’s already there, because you were there years earlier, when it mattered.
Right now, almost nobody in financial services is having this conversation. That means the advisors who start now aren’t just adding a service. They’re building trust their competitors can’t copy, because it was earned long before anyone tested it.
The clients who need this most will never bring it up themselves. They’re waiting for someone they trust to make it easy. That’s you. The only question is whether you start now, while this is still rare, or wait until everyone else figures out what you already know.
The following information was released by the State of Delaware:
Outlines regulatory review process and use of outside experts as it evaluates Aquarian Capital’s application
DOVER, DE (August 17, 2026) The Delaware Department of Insurance is reviewing an application from Aquarian Capital LLC and its affiliates to acquire control of Brighthouse Life Insurance Company through what is commonly referred to in the regulatory community as a “Form A application.”
The proposed acquisition has generated significant national and international interest, as well as questions about the Department’s regulatory review process, a process which is standardized by law. While the Department does not typically comment publicly on pending Form A applications, it is providing information about the review process to promote transparency and avoid speculation about the status of the application.
“The Department is using its expertise, along with carefully selected outside specialists, to evaluate the proposed transaction and ensure it meets all applicable regulatory requirements,” explained Insurance Commissioner Trinidad Navarro. “This is not a regulatory procedure for its own sake; it is a process designed to protect policyholders and the public by ensuring rigorous evaluation of significant transactions. We are proud to conduct an informed and thorough assessment and appreciate both the interest of the public and the patience of all parties.”
As part of its review, which takes place in accordance with Chapter 50 of the Delaware Insurance Code and related regulations, the Department is analyzing information submitted with the application and requesting additional information as necessary.
The Department has retained outside experts with specialized knowledge relevant to the transaction. Depending on the needs of a particular Form A application, outside experts may include actuaries, valuation experts, financial advisors, auditors, accountants, attorneys and investigators. Coordination with other state, national and international regulators whose involvement may be required as part of the review is also taking place.
If the Department determines that the application is complete and that the requirements of Delaware law have been satisfied, a public hearing will be scheduled and will be presided over by an officer selected by the Commissioner. Notice will be provided in accordance with Delaware law. The hearing process may include consideration of public comment and will be available virtually.
Following the hearing, the officer will submit Findings of Fact and Recommended Conclusions of Law to the Commissioner for review, along with a Proposed Order. The transaction may proceed only after the Commissioner issues a Final Order.
“The Department cannot comment on the timing of any potential public hearing, and no inference should be drawn regarding the current stage of the review beyond the fact that the Department will continue to follow the process and requirements established by Delaware law,” Commissioner Navarro said.
The Department regularly reviews significant insurance transactions both domestically and globally and maintains the expertise necessary to evaluate complex transactions while protecting policyholders and the public. Commissioner Navarro is required to remain neutral throughout the process until the hearing officer has submitted recommendations. Accordingly, he has delegated Deputy Insurance Commissioner Tanisha Merced, Esquire, to oversee all aspects of the transaction.
Information for Public Hearings
The Insurance Commissioner’s Office periodically gives notice of public meetings, information sessions and hearings to allow for public comments and information. The dates, times and locations may be found on the State’s Public Meeting Calendar. The official notice may also be published in the legal notice section of the Delaware State News and the News Journal newspapers.
DALLAS & WEST DES MOINES, Iowa–(BUSINESS WIRE)–
Sammons Enterprises, Inc. (SEI) and Sammons Financial Group (SFG) (SEI and SFG, collectively “Sammons”) are aware of public reports that attempt to link SEI and SFG to reported investigations regarding Guggenheim and certain of its affiliates. Sammons is a separate and independently managed organization.
We are not affiliated with Guggenheim Capital LLC, Group 1001 Inc, Delaware Life Insurance Company, Clear Spring Life and Annuity Company, nor TWG Global Holdings LLC. SFG has no ownership interest in Guggenheim Capital. SEI, SFG’s parent company, owns a non-voting and non-controlling, minority interest in Guggenheim Capital which it has been divesting over the past several years. SEI has no voting or common equity in, or ability to control, Guggenheim Capital LLC, TWG Global Holdings LLC, nor any of their affiliates.
Sammons does not comment on nor speculate about publicly reported investigations concerning third parties. Sammons, its officers, directors, and employees are not under investigation.
SFG adopted an open architecture model as its investment strategy in 2021, utilizing more than 15 independent, third-party investment managers. SFG maintains governance and oversight of its investment portfolio and all third-party investment managers.
For more information on A+ rated SFG, see the financial information maintained on its investor relations page.
About Sammons Enterprises, Inc.
Founded in 1938, Sammons Enterprises, Inc. (SEI) is a privately held, employee-owned holding corporation with a diverse portfolio of businesses across five strategic verticals. Headquartered in Dallas, Texas, SEI operates in the United States and Mexico. With over $12 billion in annual revenues and over $157 billion in assets, SEI is one of the largest privately held companies in the United States.
About Sammons® Financial Group, Inc.
The companies of Sammons Financial Group® help families and businesses by empowering futures and changing lives. Sammons Financial Group is employee owned with member companies that are among the most enduring and stable in the financial services industry. Sammons Financial Group is Midwest-based, with offices in Iowa, Illinois, Minnesota, North Dakota, Ohio, Pennsylvania, South Dakota and Virginia.
One-time insurance mogul and convicted fraudster Greg Lindberg saw more avenues to appeal a $1.6 billion restitution order close last week.
On Friday, the Court of Appeals for the Fourth Circuit rejected Lindberg’s motion for a stay of the restitution order. The three-judge panel did not comment on the ruling.
On May 28, District Judge Max O. Cogburn accepted the report of a special master and ordered Lindberg to pay restitution of more than $1.6 billion.
Lindberg’s attorneys argued that mandatory offsets totaling nearly $2.9 billion reduce the restitution obligation to zero and show an overpayment of roughly $1.24 billion. Lindberg has since found new representation and appeared before Cogburn Aug. 10 on an inquiry of counsel hearing requested by the government.
Lindberg has filed a flurry of motions in a bid to stop the liquidation of his financial empire to pay the judgment. As of Monday, there are 37 docket entries in August alone.
Lindberg appeared before Cogburn with new attorneys Vivek Ramachandran, and Kenneth Barnes. “We’re not playing games,” Cogburn said at one point, according to reporting by the Charlotte Observer. “This sounds like a delay.”
Co-defendant sentenced
Also last week, Cogburn sentenced co-conspirator Christopher Herwig to two years in prison and ordered him to forfeit property worth $842,000. Herwig was Lindberg’s chief investment officer.
Herwig worked for Lindberg on an alleged scheme to siphon off millions of dollars from a number of insurance companies through a series of loans and other transactions, then using the money to acquire and operate other companies, according to court documents.
Lindberg directed the scheme and personally benefited from the fraud in part by “forgiving” more than $125 million in loans to himself from the insurance companies that he controlled. Lindberg used his ill-gotten gains to fund a lavish lifestyle, buying private jets, mansions and a 200-foot luxury yacht, court documents say.
In February, a judge in a different case ordered Lindberg to pay $526 million to policyholders in a civil lawsuit originally filed in October 2019 by life insurers he formerly owned: Southland National Insurance Corp., Bankers Life Insurance Co., Colorado Bankers Life Insurance Co. and Southland National Reinsurance Corp.
The newest addition to Prudential’s IUL portfolio offers lifelong protection with the flexibility customers want
NEWARK, N.J.–(BUSINESS WIRE)–
Prudential Financial, Inc. (NYSE: PRU) today introduced Prudential Protection IUL, the newest indexed universal life insurance policy from its Individual Life Insurance (ILI) business. Protection IUL delivers a lifelong death benefit, with the flexibility to access cash value over time for goals such as covering unexpected expenses or addressing future health-related needs.
The launch comes at a time when more Americans are rethinking what life insurance can do for them. According to the 2026 Insurance Barometer Study from LIMRA and Life Happens, 74 million American adults say they need life insurance and another 24 million say they need more coverage than they currently have. At the same time, 40% of consumers say they want a policy that does more, including features tied to retirement income, customization, and self-directed changes over time. Protection IUL is designed to help meet that demand.
“What sets Protection IUL apart is the flexibility customers get while they are still living,” said Salene Hitchcock-Gear, president, Individual Life Insurance at Prudential. “Our BenefitAccess Rider, for example, gives people access to a portion of the death benefit if they become chronically or terminally ill, with no restrictions on how the money is used.”
At its core, Protection IUL is built around a lifelong death benefit that beneficiaries can use to manage both life’s expected and unexpected expenses. Customers can also build cash value over time through indexed accounts linked to the S&P 500 and Nasdaq-100, or through a fixed account that earns a declared interest rate. A 0% floor on the indexed accounts protects cash value from negative market returns, and a dialable no-lapse guarantee can be set for up to lifetime coverage when premium requirements are met.
“Life insurance is one of the most important financial decisions a family will ever make, and our role is to make sure that decision continues to pay off long after the policy is signed,” added Hitchcock-Gear. “Protection IUL reflects how we are evolving our portfolio to keep pace with what customers and financial professionals want from us.”
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of June 30, 2026, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for over 150 years. For more information, please visit news.prudential.com.
Prudential Protection IUL is issued by Pruco Life Insurance Company and, in New York, by Pruco Life Insurance Company of New Jersey, both Prudential Financial companies located in Newark, NJ (ICC26-IULPR, ICC26-IULPR-CD, IULPR-2026, IULPR-CD-2026).
The S&P 500® Index is a product of S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by The Prudential Insurance Company of America for itself and affiliates including Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey (collectively “Pruco Life”). Standard & Poor’s®, S&P®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Pruco Life. Pruco Life’s products are not sponsored, endorsed, sold, or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of purchasing such product(s), nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index. S&P 500® index values are exclusive of dividends.
Nasdaq®, Nasdaq-100®, and Nasdaq-100 Index® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by The Prudential Insurance Company of America for itself and affiliates. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations.
The Corporations make no warranties and bear no liability with respect to the product(s).
The BenefitAccess Rider is available for an extra premium. Additional underwriting requirements and limits may also apply. Receiving benefits under the terms of the rider will reduce and may eliminate the death benefit. ICC18 VL 145 B6-2018 or VL 145 B6-2018.
Benefits paid under the BenefitAccess Rider are intended to be treated for federal tax purposes as accelerated life insurance death benefits under IRC §101(g)(1)(b). Tax laws related to the receipt of accelerated death benefits are complex, and benefits may be taxable in certain circumstances. Receipt of benefits may affect eligibility for public assistance programs such as Medicaid. Accelerated benefits paid under the terms of the Terminal Illness portion of the rider are subject to a $150 processing fee ($100 in Florida). Please consult your tax and legal advisors before initiating a claim.
To qualify for chronic illness benefits, you (the insured) must be certified as chronically ill by a licensed health care practitioner and not be expected to recover from the condition. To qualify for terminal illness benefits, you must be certified as terminally ill by a licensed physician. Chronic illness claims will require recertification by a licensed health care practitioner. Other terms and conditions may apply. This rider is not Long-Term Care (LTC) insurance, and it is not intended to replace LTC. The rider may not cover all of the costs associated with chronic or terminal illness. It is a life insurance accelerated death benefit rider and is generally not subject to health insurance requirements. The availability of the rider as well as terms and conditions may vary by state.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any clients or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing a client’s retirement savings. Clients seeking information about their particular investment needs should contact a financial professional.
Guarantees are based on the claims-paying ability of the issuing insurance company.
The National Association of Insurance and Financial Advisors announced that Robert M. Nelson, CLU, LUTCF, FSS, of Omaha, Nebraska, has been selected as the 2026 John Newton Russell Memorial Award recipient. The award is the highest honor accorded by the insurance industry to a living individual who has rendered outstanding services to the institution of life insurance and will be presented to Nelson at NAIFA’s Belong Awards Celebration on November 9 in Las Vegas.
Nelson entered the insurance business in 1973 and joined the National Association of Insurance and Financial Advisors (NAIFA), then known as NALU, the same year. He served NAIFA in leadership positions on the local, state, and national levels and was NAIFA’s National President during the 2001-2002 association year. The September 11, 2001, terrorist attacks on the United States occurred during the annual conference when Nelson was elected NAIFA President, and he provided steady and calm leadership while attendees were stranded far from home. Nelson’s credibility was increased by his Navy Intelligence career spanning 27 years, with four years of active duty service and 23 years in the Navy reserves. Nelson retired as a Navy Captain.
“It is fitting that Bob Nelson is joining the ranks of John Newton Russell Memorial Award honorees,” said NAIFA CEO Kevin Mayeux, CAE. “His service to NAIFA and dedication to financial success of his clients for more than 50 years is awe-inspiring. Whether in his capacity as a volunteer leader or financial professional, Bob has dedicated his life to ensuring the success and wellbeing of others. He epitomizes, at the highest level, the great work being done by NAIFA members and servant-leaders.”
In 1993 Nelson chaired a national task force to reform sales illustrations. Over three years, he testified 13 times at regulatory meetings and in front of the U.S. Senate, resulting in all 50 states changing their laws and adopting the joint task force’s major recommendations, including improved consumer reporting.
Nelson is an accomplished speaker on agent productivity and developed a “20-point day” system that he has presented to tens of thousands of agents in all 50 states and overseas. He has personally mentored dozens of agents and advisors through his association with the Million Dollar Round Table (MDRT). In his career Nelson has written over $1 billion worth of individual life insurance in addition to building a full- service financial services firm, Nelson Murphy Insurance & Investments, LLC.
Nelson has received numerous awards throughout his career, including NAIFA-Omaha Agent of the Year (1991), NAIFA-Omaha Hall of Fame (2003), NAIFA-Nebraska’s Distinguished Service Lifetime Achievement Award (2004), and induction into the NAIFA-National Hall of Fame (2025). Nelson was the founding President of his Rotary Club almost 50 years ago and was the first recipient of Northwest Omaha’s Distinguished Rotarian Award. In 2017, Nelson was inducted into his high school Hall of Fame (Omaha North High School).
Nelson served as a founding member on the Board and Executive Committee of the Omaha First Responder’s Foundation. He created a scholarship program for high school seniors with parents who are first responders and personally raised over $750,000 to endow it.
“Bob Nelson provided leadership that guided NAIFA through times that were difficult not just for our association, but for our profession and the entire nation,” said Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, Chair of the John Newton Russell Memorial Award Selection Committee. “Nelson always focused on improving our industry and the success of his fellow financial professions. He did this by serving as an expert speaker, trusted mentor, and influential political advocate. On behalf of the award selection committee, congratulations, Bob, on this much deserved honor.”
John Henry Russell created the John Newton Russell Memorial Award in 1942 as a tribute to his father, an influential leader in the life insurance industry and an early advocate of agent education. John Newton Russell served as NAIFA (then NALU) president from 1916 to 1917 and was a contributing founder of LIMRA International, The American College, and the Chartered Life Underwriter (CLU) designation.
HONG KONG–(BUSINESS WIRE)– AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good), and the Indonesia National Scale Rating of aaa.ID (Exceptional) of PT KB Insurance Indonesia (KB Indonesia) (Indonesia). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect KB Indonesia’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also recognise the wide range of support provided by KB Indonesia’s parent, KB Insurance Co., Ltd. (KBI), which is fully owned by KB Financial Group Inc. (KB Group).
KB Indonesia’s risk-adjusted capitalisation is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by its strengthening of capital base through full profit retention. An offsetting factor in the balance sheet strength assessment includes considerable counterparty credit risk exposure to domestic (re)insurers with relatively weaker credit quality.
AM Best assesses KB Indonesia’s operating performance as adequate, with a return-on-equity ratio of 7.6% and a combined ratio of 102.5% (net/net) in 2025 under the new accounting standards (IFRS 17/9), as calculated by AM Best. The company’s underwriting profit is supported mainly by business from Korea Interests Abroad (KIA) and KB Group affiliates (KB Synergy), while other local business adds moderate volatility. Despite deterioration in 2025, AM Best expects KB Indonesia’s underwriting performance to benefit from its efforts to expand KIA and KB Synergy business and other mitigative underwriting measures. The company’s conservative investment portfolio provides stable investment profits that provide a buffer against its volatility in the underwriting side.
As a joint venture between KBI (70%) and PT AB Sinar Mas Multifinance (30%), KB Indonesia is a small-sized non-life insurer domiciled in Indonesia. The company’s business sourcing channels have become increasingly diversified, following the entries of KB Group affiliates in Indonesia as part of the group’s overseas expansion. However, diversification into local business remains limited. KB Indonesia’s business profile exhibits concentration by line of business and geography.
KB Indonesia receives rating enhancement from implicit and explicit support from its parent, KBI, as it plays an important role in KB Group’s overall expansion strategy in Indonesia’s insurance market and benefits from the group’s network and distribution channels there. AM Best expects that the parent will provide capital support to KB Indonesia if needed, as evidenced by KBI’s public announcement to support the company fully in fulfilling the strengthened domestic capital requirements that will be applied over the coming years. AM Best expects that KB Indonesia’s planned change in organisational structure with a new intermediate holding company will lead to a more efficient decision-making process and stronger synergy among affiliates in Indonesia, while the support from the group and KBI remains unchanged.
Negative rating actions could arise if KB Indonesia’s risk-adjusted capitalisation significantly deteriorates, such as from heightened credit risk following major loss events or from excessive business expansion that materially outpaces capital growth. Negative rating actions also could occur for KB Indonesia if support from KBI and the group is reduced to an extent that no longer supports the current level of rating enhancement. Positive rating actions could arise if KB Indonesia’s operating performance improves and reaches a level that positively distinguishes the company from its industry peers in a sustainable manner.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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NEW YORK–(BUSINESS WIRE)–
The Westaim Corporation (“Westaim” or the “Company”) (TSXV: WED) today announces its unaudited financial results for the quarter ended June 30, 2026. Westaim recorded a net loss of $81.5 million ($2.45 diluted loss per share) for Q2 2026 compared to a net loss attributable to controlling interests of $0.2 million ($0.01 diluted loss per share) for Q2 2025.
“Within our Insurance segment, we continue to experience solid support from our national distribution partners, generating $303 million of premiums during Q2 and more than $660 million of premiums issued and pending through July 31, 2026. Ceres’ invested assets increased to $445 million as of June 30, 2026, all supported by the accelerating pace of our annuity policy issuances. In particular, we are very pleased with Ceres’ AI native technology platform, which, as we scale, can automate 85% of operations and substantially scale the current volume with minimal additions to the infrastructure and employee base, positioning Ceres Life to drive higher return on equity than industry peers.
Within our Asset Management segment, we have made meaningful progress towards step-function growth in AUM1 over the coming quarters, driven by new product lines and strategic joint partnerships. In addition, we have implemented more than $16 million worth of gross annualized run-rate savings, which we expect to become increasingly evident in our future results. These actions reflect our continued focus on aligning our cost structure with strategic priorities and driving sustainable improvement.” said Cameron MacDonald, Chief Executive Officer of Westaim.
“We look forward to providing additional context on our AUM growth, strategic partnerships and financial outlook at our Investor Day on Thursday, September 17, 2026.”
Leadership Update
Westaim also announced today that Deanna Mulligan, Chief Executive Officer of Ceres Life, will transition to the role of Ceres Strategic Advisor. Erik Askelsen, Chief Legal Officer of Ceres, will be promoted to President of Ceres and will be named Acting Chief Executive Officer.
“It has been an honor and a privilege to serve as Ceres Life’s CEO since its founding. As an advisor and an investor, I look forward to Ceres’ continued growth under Erik’s capable leadership,” said Ms. Mulligan.
Further, Mr. MacDonald added, “Erik joined us in 2025 with a strong leadership background in the annuity industry, having worked at Athene and American Equity. We look forward to Erik’s leadership of Ceres and wish Deanna well in her new role as Ceres Strategic Advisor.”
Chinh Chu, Executive Chairman of the Board for Westaim, added, “Deanna has been instrumental in the maturation of Ceres Life from an idea into a growing annuity platform, assembling the team, the technology and the risk framework that the business runs on today. On behalf of the Board, I want to thank her for her leadership as founding Chief Executive Officer of Ceres Life, and I am glad we will continue to have the benefit of her counsel as a Strategic Advisor.”
Mr. Askelsen brings more than 25 years of insurance, regulatory and operating leadership experience. He joined Ceres Life in March 2025 as Chief Legal Officer, where he has been a member of the executive team building the company’s de novo annuity platform. Mr. Askelsen has significant experience in the life and annuity industry, serving previously as Chief Legal Officer of American Equity and as General Counsel of Athene and Aviva USA, leading providers of fixed annuity products. He has also served as Chief Legal Officer and Chief Operating Officer of a payments and technology services provider and been a partner in two law firms earlier in his career.
Insurance
The Insurance segment, which primarily operates through Ceres Life Insurance Company (“Ceres” or “Ceres Life”), reported an Adjusted EBITDA2 loss of $65.0 million and $85.1 million for the three and six months ended June 30, 2026. The results include net insurance service losses of $56.8 million and $67.9 million and operating expenses of $17.0 million and $31.2 million for the three and six month periods, respectively. These amounts were partially offset by interest income of $8.0 million and $13.2 million, respectively.
Our financial results reflect the early-stage nature of our insurance business. Net insurance service results remain negative as Ceres continues to scale issuance of new multi-year guaranteed annuity (“MYGA”) and fixed indexed annuity (“FIA”) policies. As we discussed last quarter, under applicable IFRS accounting treatment, both products require Ceres to recognize reserves for future policyholder obligations at the time policies are issued. This differs from US GAAP and results in upfront accounting losses on new business, including a $56.8 million reserve recognized during the quarter.
Insurance service results face near-term ramp up pressure as Ceres added $15.1 million and $288.1 million in MYGA and FIA premiums during the quarter. We continue to expect these contracts to contribute positively to operating results over time as premiums are invested, and the portfolio earns returns in excess of crediting rates. However, near-term accounting results are expected to be pressured while new business growth remains significant relative to the size of the in-force book. As the business matures and earnings from in-force contracts increasingly offset losses associated with new policy issuances, we expect this accounting impact to moderate.
Current-quarter operating expenses include approximately $1.4 million of platform build-out costs. As Ceres continues to scale and improve operating efficiency, we expect operating expenses as a percentage of policies written to decline meaningfully over time.
Asset Management
The Asset Management segment, which primarily operates through Arena Investors Group Holdings, LLC and its subsidiaries and affiliates (“Arena”), reported an Adjusted EBITDA loss of $8.0 million and $15.2 million for the three and six months ended June 30, 2026. Adjusted EBITDA for the three and six months ended June 30, 2026, included $5.9 million and $13.6 million, respectively, of management, servicing and other fee revenues less negative incentive and performance fees due to marks on unrealized positions.
As of June 30, 2026, our AUM and Programmatic Capital3 totaled $4.5 billion, with fee-paying AUM of $2.7 billion, of which $0.6 billion was managed on behalf of our Insurance segment. We continue to advance new business initiatives and partnerships that we believe can drive meaningful growth in fee paying AUM and third-party capital through the remainder of 2026 and into 2027.
We have continued to take significant steps to reduce our cost base, and we expect the benefits of these initiatives to become increasingly visible in the second half of 2026. As we continue to grow fee-paying AUM on a more efficient operating platform, we believe the business is well positioned to progress toward consistent profitability.
Corporate and Other Investments Activity
While Corporate is not considered a separate operating segment, the Corporate column in our segment reporting includes activities that reside outside of our two operating business segments. These activities include investments within the FINCOs, other cash and investments held outside the operating segments, compensation costs, including share-based compensation, for employees and directors not allocated to the operating segments, and other corporate overhead expenses.
We continue to make progress monetizing assets within the FINCOs, which had an investment balance of $116.4 million as of quarter end.
The Company continued its 2026 Normal Course Issuer Bid (“NCIB”), repurchasing 16,686 common shares at a cost of C$0.4 million. As of June 30, 2026, the Company held 306,959 shares in treasury.
Westaim’s Rebrand
On Monday, September 14, 2026, Westaim will be unveiling its new name and rebrand, marking a significant milestone in the Company’s evolution.
Investor Day
We are pleased to invite existing and prospective investors to Westaim’s Annual Investor Day, which will be held on Thursday, September 17, 2026, at 9:30 a.m. (Eastern Time) at the Met Life Building, 200 Park Ave, 8th Floor, New York City, New York. The agenda will include a business overview and discussion with the management teams of Westaim, Ceres Life Insurance Company, Arena Investors and CC Capital Partners, LLC, followed by a question-and-answer session.
We do hope you can join in-person or virtually via a live stream. REGISTER HERE
1
AUM is a non-GAAP measure. AUM refers to the assets for which Arena Investors provides investment management. AUM is generally based on the net asset value of the funds managed by Arena Investors plus any unfunded commitments. Arena Investors’ calculation of AUM may differ from the calculations of other asset managers, and as a result, may not be comparable to similar measures presented by other asset managers. Arena Investors’ calculations of AUM are not based on any definition set forth in the governing documents of the investment funds and are not calculated pursuant to any regulatory definitions. See “Non-GAAP Financial Measures” below.
2
The Company uses both IFRS and non-generally accepted accounting principles (“non-GAAP”) measures to assess performance. Adjusted EBITDA is a non-GAAP measure defined by the Company as earnings before depreciation, amortization, taxes, interest on financing activities, as further adjusted for other items that are considered unusual or not representative of underlying trends of our business. Interest on investment activities is viewed as a core element of the business for both the Asset Management and Insurance segments, and therefore remains included in the Adjusted EBITDA metric.
3
Programmatic Capital is a non-GAAP measure. Programmatic Capital includes callable capital to non-discretionary separately managed accounts and certain pooled investment vehicles. See “Non-GAAP Financial Measures” below.
Segment Results
As a result of the strategic transaction with CC Capital and in accordance with IFRS, the Company now manages its operations and reports its financial results in two operating business segments: Asset Management and Insurance. Other activity for the Company outside of these two operating segments is reported in the Corporate column of our segment reporting.
For the three months ended June 30, 2026
(US$ in millions)
Asset Management
Insurance
Corporate
Eliminations
Consolidated
Total Revenue
$
5.9
$
8.0
$
1.7
$
(1.6
)
$
14.0
Net results of investments
(0.2
)
0.8
(5.6
)
1.1
(3.9
)
Net insurance service results
—
(56.8
)
—
—
(56.8
)
Total Expenses excluding depreciation, amortization, and income taxes
13.7
17.0
4.0
(1.6
)
33.1
Earnings before depreciation, amortization, and income taxes (“Adjusted EBITDA”)
(8.0
)
(65.0
)
(7.9
)
1.1
(79.8
)
Depreciation and amortization (expense)
(1.2
)
(1.0
)
—
—
(2.2
)
Severance related expenses
(1.0
)
—
—
—
(1.0
)
(Loss) profit before income taxes
(10.2
)
(66.0
)
(7.9
)
1.1
(83.0
)
Income taxes recovery (expense)
—
—
1.5
—
1.5
Net (loss) profit
(10.2
)
(66.0
)
(6.4
)
1.1
(81.5
)
Other comprehensive income (loss)
—
1.0
—
—
1.0
Net (Loss) profit and comprehensive (loss) income
$
(10.2
)
$
(65.0
)
$
(6.4
)
$
1.1
$
(80.5
)
NOTE: Schedule subtotals and totals may be impacted by rounding.
For the six months ended June 30, 2026
(US$ in millions)
Asset Management
Insurance
Corporate
Eliminations
Consolidated
Total Revenue
$
13.6
$
13.2
$
3.6
$
(2.9
)
$
27.5
Net results of investments
(0.2
)
0.8
(4.8
)
1.0
(3.2
)
Net insurance service results
—
(67.9
)
—
—
(67.9
)
Total Expenses excluding depreciation, amortization, and income taxes
28.6
31.2
8.1
(2.9
)
65.0
Earnings before depreciation, amortization, and income taxes (“Adjusted EBITDA”)
(15.2
)
(85.1
)
(9.3
)
1.0
(108.6
)
Depreciation and amortization (expense)
(2.4
)
(1.9
)
—
—
(4.3
)
Severance related expenses
(4.1
)
—
—
—
(4.1
)
(Loss) profit before income taxes
(21.7
)
(87.0
)
(9.3
)
1.0
(117.0
)
Income taxes recovery (expense)
0.4
—
1.8
—
2.2
Net (loss) profit
(21.3
)
(87.0
)
(7.5
)
1.0
(114.8
)
Other comprehensive income (loss)
—
0.5
—
—
0.5
Net (Loss) profit and comprehensive (loss) income
$
(21.3
)
$
(86.5
)
$
(7.5
)
$
1.0
$
(114.3
)
NOTE: Schedule subtotals and totals may be impacted by rounding.
This press release should be read in conjunction with Westaim’s unaudited interim consolidated financial statements (the “Financial Statements”) and management’s discussion and analysis for the three and six months ended June 30, 2026 and 2025 (the “MD&A”) which were filed on SEDAR+ at www.sedarplus.ca. These documents and the Company’s Q2 2026 Investor Presentation can be found on the Company’s website at www.westaim.com.
Non-GAAP Financial Measures and Ratios
Westaim reports its Financial Statements using Generally Accepted Accounting Principles (“GAAP”) and accounting policies consistent with International Financial Reporting Standards (“IFRS”). Westaim uses both IFRS and non-GAAP measures and ratios to assess financial performance of its business, including in this press release Adjusted EBITDA, AUM and Programmatic Capital. The Company cautions readers that non-GAAP measures and ratios do not have a standardized meaning under IFRS, should not be considered alternatives to performance measures determined in accordance with IFRS and are unlikely to be comparable to similar measures used by other companies. Readers are urged to review Section 15 Non-GAAP Measures in the MD&A (available on SEDAR+ at www.sedarplus.ca) which is incorporated by reference into this news release for quantitative reconciliations of non-IFRS measures to the most directly comparable IFRS financial measures.
About Westaim
Westaim is an integrated insurance and alternative asset management company with two primary operating businesses: Ceres Life and Arena.
Ceres Life is a cloud-native, highly scalable, de novo annuity insurance company. Inspired by the belief that technology can reinvent the way insurance providers meet the needs of investors, Ceres Life is building a nimble, highly efficient, and risk-conscious insurance company that provides simple-to-understand and easily accessible annuity products to create better outcomes for policyholders. For more information, see www.ceresinsurance.com.
Founded in 2015, Arena is a global institutional asset manager with deep expertise in credit and asset-oriented investments, including the full spectrum of corporate, real estate and structured finance opportunities. Arena provides creative solutions for those seeking competitive capital and flexibility to engage in custom transactions. For more information, see www.arenaco.com.
The Common Shares are listed on the TSX Venture Exchange (the “TSXV”) under the trading symbol “WED”.
Cautionary Note and Forward-Looking Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”), including with respect to expected results of gross annualized run-rate savings, MYGA and FIA policies contributing positively to operating results, pressure on near term accounting results, future growth in third-party capital, anticipated benefits of reductions of the cost base in the Asset Management segment, growth in fee-paying AUM driving toward consistent profitability, return on equity, timing of name change and rebrand, and timing of the Investor Day. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of Westaim at the date the statements are made based on information then available to Westaim. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements including past practice of the Company. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Westaim, which may cause Westaim’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in its annual information form for its fiscal year ended December 31, 2024.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
