Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Insurer Transitions Sales Force Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 17, 2002

Insurer Transitions Sales Force

by: Ki Kim

Allmerica Financial Services has started to transition its financial-advisor distribution channel into a broker-dealer sales group. The changes involve re-training its 700-member sales force to focus more on marketing third-party investment products, according to a spokesman at the firm.

The restructuring efforts will entail a further reduction in headcount, the spokesman said, declining to comment on actual numbers.

Also, the company recently stopped marketing variable annuity products through independent broker-dealers and mutual-fund wrap channels. Allmerica will also stop selling those products through its redirected sales force. All the changes were prompted by the recent turmoil in the equity markets, he confirmed.

The decline in the equity markets has resulted in a rise in claims-related expenses, lower fee income, higher deferred acquisition cost amortization and higher statutory capital reserve requirements for the insurer. "The reduction in statutory profits associated with these items also exacerbates the strain on statutory capital associated with continued sales of variable annuities," said the company in a release.

"As we implement these changes to our life and annuity operations, Allmerica will become a smaller asset accumulation operation, focused primarily on management of the existing in-force assets in our products as well as continuing to increase the distribution of third-party asset accumulation products through our Advisor channel," said John F. O'Brien, Allmerica's president and chief executive officer, in a company release.

Allmerica Financial Corporation, the parent, reported a net operating loss for the second quarter of $0.52 per share, or $27.7 million, compared to net operating income of $1.11 per share, or $58.9 million in 2001.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2023: Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF webinar - Latest Updates In Mutual Fund Litigation and Enforcement, June 6
  2. Pershing Insite 2023, Jun 6-8
  3. Nicsa webinar - The Journey From Networking to Sponsorship, June 7
  4. MFDF webinar - SEC Staff Panel, Division of Examinations — IC Issues and Considerations For Fund Boards, June 8
  5. Expect Miracles East Coast Classic, June 8
  6. 2023 MMI Alternative Investments Forum, June 13
  7. WE DC - ESG Panel Discussion, June 13
  8. Nicsa Fearless Leadership Symposium, June 14
  9. MFDF Director Discussion Series - Open Forum (Denver), June 20
  10. The Ben Graham 10th Annual Conference, Jun 20-21
  11. IDC Industry Segment Call - Governance Committee Chairs, June 21
  12. Crane Data's Money Fund Symposium, Jun 21-23
  13. IDC Industry Segment Call - Board Leaders, June 22
  14. 2023 MMI Distribution Leadership Forum, Jun 22-23
  15. MFDF webinar - Closed-End Fund Litigation Overview and Update, June 27
  16. MFDF Director Discussion Series - Open Forum (Atlanta, GA), June 28
  17. MFDF Director Discussion Series - Open Forum (Kansas City), June 30
  18. MFDF Director Discussion Series - Open Forum (New York), July 18
  19. 2023 MMI Leadership Pathway Seminar, Jul 19-20
  20. MFDF webinar - Generative AI — It's Here, July 20
  21. MFDF Director Discussion Series - Open Forum via Zoom, July 27
  22. MFDF Director Discussion Series - Open Forum (Milwaukee, WI), August 8
  23. MFDF Improving Equity Fund Alpha Estimates, September 13
  24. 4th Annual ETFGI Global ETFs Insights Summit - United States, Sep 20-21
  25. MFDF webinar - Introduction to Retail Private Markets Funds: Structures to Access Private Equity, Private Credit, Infrastructure and Real Estate Investments, September 27
  26. Expect Miracles Atlanta Coast Classic, October 2




©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use