LIMRA/LOMA targets consumers with Alliance for Lifetime Income merger
LIMRA traces its history back to nearly 110 years of research, marketing, and analysis on behalf of insurance companies. For its next chapter, it is adding a consumer education focus via a merger with the Alliance for Lifetime Income (ALI).
LL Global, the parent of LIMRA and LOMA, announced the merger with ALI on Monday.
For LIMRA, the decision to venture into the consumer-focused space comes amid soaring annuity sales and the SECURE Act bills making it easier for annuities to be part of retirement plans.
The marriage is a natural fit, said Dave Levenson, president and CEO of LIMRA and LOMA, said in an exclusive interview with InsuranceNewsNet.
“When I think about how this brings the entire ecosystem together, it feels strategically like a very good fit,” Levenson said. “Now we’re able to work through all parts of the value chain, and on behalf of our member companies, really look to provide a much greater research education that will support both advisors and consumers.”
ALI was founded in 2018 to help consumers and financial advisors better understand the importance of protected income in retirement. Over the years, ALI has developed creative, successful public-facing campaigns that educate consumers about retirement risks and the value of annuities.
In particular, the fledgling association secured the sole sponsorship of The Rolling Stones’ 2019 “No Filter” U.S. stadium tour, which continued in 2021 after a COVID-19 break. ALI also trademarked “Peak65,” a catchy moniker to emphasize that more than 4.1 million Americans will turn 65 each year through 2027, or roughly 11,200 every day.
“The Alliance was founded eight years ago with a single mission – to help educate Americans about the importance of having protected income in retirement,” said Jean Statler, CEO of ALI. “Though our research shows more pre-retirees are aware of and asking their advisors about annuities, there’s still more work to be done. We believe LIMRA and LOMA’s long history of industry leadership, capabilities, and resources will help take this effort to a whole new level.”
Retirement security concerns
Through the merger, LIMRA and LOMA “will build on that success by integrating ALI’s programs with its own industry knowledge and research,” LL Global said in a news release.
LIMRA included more consumer insights into its research in recent years via its annual Insurance Barometer study. In each of the last 15 years, LIMRA research shows consumers’ top concern has been about achieving retirement security, Levenson said. It also aligns with the societal trend away from pensions toward self-directed retirement plans.
Annuities are benefiting from several positive trends, including the Peak65 demographics. A pair of SECURE Act bills cleared away many hurdles to the inclusion of annuities within retirement plans. As a result, many traditional advisor firms are warming up to annuity products as part of overall financial planning.
Groups like ALI are helping to erase the checkered reputation annuities have among advisors.
“In the next four years, we’re going to see this massive amount of individuals in our country turning 65 and when you think about what those individuals need, toward the top of the list is certainly guaranteed lifetime income and retirement savings,” Levenson explained. “Here we are at LIMRA talking about why this stuff is so valuable, and now we can really help support our member companies by showcasing the value research perspective and education perspective.”
Member-driven organization
ALI members include insurers Allianz Life, Corebridge Financial, Pacific Life, Prudential Financial, Transamerica, Lincoln Financial, and Equitable Financial. J.P. Morgan, Franklin Templeton, Capital Group, and Macquarie are members from the asset manager side, with Milliman also on board.
“Bringing together ALI and LL Global comes at a critical inflection point during an era where we have a rapidly aging population who is living longer than ever before and not necessarily saving for a longer life in retirement,” said Caroline Feeney, executive vice president and global head of retirement and insurance, Prudential Financial, who serves as chair of both organizations’ board of directors. “There is no question that the power and leadership of these organizations collectively will drive scalable change to help more people achieve greater financial security in retirement.”
The transaction is expected to close by August 31, 2025.
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