Life insurance firms Prudential, Athene Holding and Lincoln Financial have suffered substantial setbacks to their first quarter earnings relative the same period a year prior.
The dislocated financial markets that have arisen due to the Covid-19 outbreak are proving to be a tough obstacle to overcome across the industry with a number of indexed annuity providers reporting losses. Prudential Financial reported a 21% loss from Q1 19 in its adjusted operating income of US$373 m from its individual annuities segment. Executives at the firm confirmed that the life insurer is moving quickly away from products that have a heavy dependence on interest rates and equity market
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