Phased Cutbacks to Benefits Continue, May Updates Start to Come In

This week we intended to focus exclusively on developments in variable annuity Guaranteed Lifetime Withdrawal Benefits (GLWBs) however we will mention a few notable changes to other benefit categories, since a few interesting things have happened recently. In the current environment, insurers are making amendments based on real or perceived risks they are trying to manage, and are proceeding in stages, measuring how their moves compare with those of their competitors...