Allianz Announces LTCi Exit

Graham · 11-03-2009, 04:53 PM

Another one bites the dust...

ALLIANZ ANNOUNCES LTCi EXIT
Effective November 13, 2009, Allianz will stop selling stand-alone LTCi products and will no longer accept applications.

All pending business must be issued in force by January 29, 2010.

Allianz will honor their commitments to their current LTCi policyholders.

Mr. Bill · 11-03-2009, 05:32 PM

Until they sell off the unit.

Like this is a surprise!

Yoda · 11-03-2009, 07:38 PM

And the hits keep coming. That is the first I have heard of that. . ....On a side note Allianz requesting to be delisted from the New York stock exchange a week ago was an ominous sign as well. I took that as a sign they were afraid of the corruptness of Wall Street and the value of the U.S dollar rapidly going down. All bad news indeed.

VolAgent · 11-03-2009, 07:52 PM

Originally Posted by Yoda

....On a side note Allianz requesting to be delisted from the New York stock exchange a week ago was an ominous sign as well. I took that as a sign they were afraid of the corruptness of Wall Street and the value of the U.S dollar rapidly going down...

If you really believe that, I have a bridge in New York and some land in Florida I'd like to sell you. This is almost certainly about reducing the number of prying eyes. They are sticking with one market in Frankfort.

The financial press is trying to portray it as good housekeeping and simplifying operations, but I'm not buying. It wouldn't suprise me if we hear about a bailout by the Germans sometime soon.

Freddie · 11-06-2009, 08:16 AM

Originally Posted by VolAgent

If you really believe that, I have a bridge in New York and some land in Florida I'd like to sell you. This is almost certainly about reducing the number of prying eyes. They are sticking with one market in Frankfort.

The financial press is trying to portray it as good housekeeping and simplifying operations, but I'm not buying. It wouldn't suprise me if we hear about a bailout by the Germans sometime soon.

How many German companies have blown up? How many German car companies are insolvent? I think Allianz just does not need the NYSE anymore. Pimco does but Wall Street and CT plus other hedge fund areas are totally corrupt.

Charpress · 11-06-2009, 10:53 AM

These are all good moves for Allianz. Believe me, Allianz thinks things through in good German fashion.

As for long term care, the whole scene changes in 2010 in favor of LTC riders on life and annuity products. A company like Allianz would be crazy to stay with the administrative nightmare of LTC policies when a rider is easier, more profitable, and a fairly easy sale. Just try selling LTCI versus a product that gives people the option of getting LTC protection with tax-free income, not nearly as many restrictions AND is not premium wasted if it turns out LTC is not needed.

0b1kanobee · 11-12-2009, 10:29 PM

Well in Florida, these LTC riders on annuities are starting to be tossed out by the state I believe. LSW no longer has the enhanced benefit option in Florida.......................