Transamerica going out of business?

[BibH]

I had to call Trans twice yesterday for a policyowner.Near when they opened i was on hold only 15 mins .Near the close i was on hold for 45 mins . 2 months ago the wait was up to 2 hrs .They were awesome up until about 20 months ago when their underwriting starting changing a little .I got some policyowner duplicate mail yesterday and the letters were dated nov 3rd . That says it all. Also Trans was the worst at notifying you of nsf's. Sometimes it was 2 weeks later. Many co's notify you by email in days

 

[PA Bill]

My original question though, are their other lines of coverage being treated like the FE division? Company thing (poor service) or just a product line thing?

Too big to give a shit. I mean, why give a shit when you don't have to?

 

[Fletch_Insures88]

I honestly think they're more concerned with their WFG and Agency Network force. I stopped writing them (with the exception of Term products) since I left the Agency Network. Too many road blocks. Even when it's a clean case they still want to choke on it.

 

[LostDollar]

Their parent may not be making a lot of money available for change right now.

https://www.aegon.com/contentassets/5ff87ffb6e7745f3a56eef235c6e9285/pr-aegon-1h-2020-results.pdf

Underlying earningsbefore taxfrom the Americas decreased by 54% to EUR 264million. This was largely caused by EUR 150 million adverse mortality experiencein Life compared with EUR 52 million in the first half of 2019, due to large claims at older ages in universal life products and elevated claims in most other products. EUR34million of these claims can specifically be attributed to COVID-19 asa direct cause of death.Aegonbelievespart of the remaining adverse mortality experience is likely attributableto the pandemic as well.Life earnings were also affected by EUR 97 million unfavorable intangible adjustments fromlower interest ratesand asset portfolio changes,and EUR16 million adverse persistency in Life.Furthermore, earnings declined in Retirement Plans and Variable Annuities due to net outflows and one-off expenses, while Fixed Annuities earnings declined due tolower investment income. This was only partly offset by better Accident & Health earnings, which benefitted from favorable morbidity experience of EUR 55 million, of which the closed block in Long-Term Care contributed EUR32 million from increased claims terminations due to higher mortality.

 

[Life Hawk]

Their parent may not be making a lot of money available for change right now.

In this context, we announce several steps today. First, we will retain the final dividend for 2019. Second, we are rebasing the interim dividend from a level of 15 cents per share last year to 6 cents for 2020. We anticipate that this rebased dividend will be well covered by free cash flows, even in reasonable stress scenarios. Going forward, dividends and other means of capital return to our shareholders will be based on a regular assessment of the company's financials, according to customary governance. Third, free cash flow in excess of what is needed to cover shareholder dividends and holding company expenses will, for the time being, be used to reduce leverage and strengthen the balance sheet. Fourth, we have implemented substantial updates for key assumptions in our US business as part of our annual assumption review process.

 

[jacobtn]

does anyone know how to reach this company? It seems they are basically impossible to call any time of day or week.

 

[Ghost]

I'm on hold right now trying to submit a term policy and igo isn't emailing for the client signature. Regarding going out of business, I highly doubt it...

 

[mudhound]

looks like the FE is back?? Just got word they went from the 20Plus page app to a 9 page

 

[WinoBlues]

looks like the FE is back?? Just got word they went from the 20Plus page app to a 9 page

Are they issuing business?
Are they answering their phones?

 

[DayTimer]

Are they issuing business?
Are they answering their phones?

Look, smarta$$, do you want them to issue new business, or do you want them to answer their phones?

Jeesh ... like any carrier could do both ...

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