Here’s Why Insurance Stocks Are Getting Drop Kicked Now
Reason: New York’s Attorney General is leading an investigation into practices among life insurance companies (NYSE:KIE), having sent nine subpoenas to life insurers seeking “to examine whether the firms have adequately ensured payouts on policies of some deceased customers” according to the WSJ. The nine companies receiving subpoenas were AXA SA, Genworth Financial Inc. (NYSE:GNW), Guardian Life Insurance Co of America, Manulife Financial Corp. (NYSE:MFC), Massachusetts Mutual Life Insurance Co, MetLife Inc (NYSE:MET), New York Life Insurance Co, Prudential Financial Inc (NYSE:PRU), and TIAA-CREF. Representatives from some of the firms declined to comment, others insist that they are ready to cooperate fully with the investigation. “We believe we have compliant and robust practices to determine when claim payments are due and owing, and to adhere to state unclaimed property requirements and regulations,” said a Genworth Rep.
Watch these insurance stocks to see if the troubling news spills over: American International Group (NYSE:AIG) up .13%, Lincoln National Corp. (NYSE:LNC) down 1.48%, MetLife, Inc. (NYSE:MET) off 1.38%, Primerica, Inc (NYSE:PRI), down 1.28% Prudential Financial (NYSE:PRU) falling .88%, and Torchmark Corp. (NYSE:TMK) also down .84%.