Insurance companies' enduring commitment: David Chavern, CEO of ACLI, underscores the long-term guarantees they offer
The American Council of Life Insurers (ACLI) has embarked on a mission to redefine the language surrounding its value and build a stronger presence in Washington and the states. In 2025, David Chavern, who took on the role of President and CEO in September 2024, led this initiative.
One of the key focuses for ACLI is the development of a new vocabulary to better encapsulate the comprehensive range of services they offer. This rebranding effort aims to create a more accurate and inclusive representation of their industry.
In the midst of the 2025 tax fight, often referred to as the "Super Bowl of tax," ACLI was an active participant. The industry had an unexpected role in 2017, becoming a pay-for to the tune of about $24 billion.
Annuities, a product that helps manage longevity risk, have been the fastest-growing product in the sector. As societies face historically large deficits, Congress and state capitols may soon look for additional revenue. In this context, the role of annuities becomes even more crucial.
ACLI's unique ability lies in its capacity to make long-term promises, providing multi-decade guarantees. This stability is particularly valuable in a world transitioning from a long accumulation era to a decumulation and wealth-transfer era.
Chavern emphasises the importance of having a clearer understanding, broader appreciation, and real champions who understand the industry's importance and are willing to defend it politically. To this end, ACLI is engaged in sustained public education, using ads and facts to reinforce their unique role.
The industry's unified message is clear: "We already 'gave at the office,' and repeating that would harm not just carriers and distribution but consumers managing risk." This message underscores the importance of the industry's work and the potential harm that could come from unnecessary regulation or taxation.
ACLI represents about 275 members, accounting for roughly 95% of industry assets. In its first year under Chavern's leadership, ACLI focused on learning and executing, with Chavern spending time meeting people and understanding issues.
ACLI's research shows that access to annuities leads many people to claim Social Security later, easing pressure on the system by at least $100 billion. This finding highlights the industry's role in helping manage societal challenges.
Chavern considers this as the ACLI's moment, stating that they do something the public needs that other financial sectors can't do. Furthermore, he emphasises that the industry invests about $8 trillion in the U.S. economy when making a 30-year promise.
As ACLI moves forward, it is clear that they are committed to advocating for their industry, educating the public, and making a significant impact on the economy and society as a whole. The future looks promising for this influential organisation.
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