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Insurance CEOs Welcome Trump

Chief executive officers of U.S. insurance companies have said that they were looking forward to the possibility of lower corporate income taxes and less regulation expected with the presidency of Donald Trump...
November 16, 2016

Chief executive officers of U.S. insurance companies have said that they were looking forward to the possibility of lower corporate income taxes and less regulation expected with the presidency of Donald Trump. The CEOs discussed what Trump’s election could mean for the industry during the Insurance Market Summit in Hartford, Connecticut, on November 10.

Chris Swift, CEO of The Hartford, said, “On the tax side, from my perspective, anything that helps growth, employment, us making more things… we would be supportive. I think we all have to be cognizant there would probably be tradeoffs, in some of the preferences certain industries have enjoyed, including ours.”

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Voya CEO Rodney Martin Jr. said his company was looking forward to a reversal of the fiduciary rule governing investment advisors that is slated to take effect next April. Roger Crandall, CEO of Mass Mutual Life Insurance Co., cautioned that while it is widely expected that the new government will reduce regulation of the financial sector, it is too early to make those assumptions. Crandall pointed out there are few details out yet on Trump’s plans, and he added that Congress should remember that moving too quickly can result in unintended consequences.

The CEOs also discussed issues specific to their businesses—retirement plans, in Voya's case; auto insurance at The Hartford; and the difficulty of growing the capital reserves needed to support 3 and 4 percent guarantees in policies in a long-term, low-interest rate environment, at Mass Mutual.

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