Buffett says life insurers took "crazy" bets

Billionaire Warren Buffett on Sunday criticized some life insurers for taking on "crazy" financial risks by selling variable annuities, or retirement products that promised unrealistic guarantees to buyers.

The products are tied to stock market performance and in some cases guaranteed a certain periodic return, while principal could not be eroded by investment losses.

"I always thought they were crazy when they were doing it," said Buffett, at a press conference in Omaha, his hometown, because of the financial risks to the insurer.

Insurers such as Hartford Financial (HIG.N) and Genworth Financial (GNW.N) have been badly burned by over-selling these products, which performed badly as the credit crisis sent markets plummeting...

Reuters: Buffett says life insurers took "crazy" bets
personal finance ,world finance ,finance news ,finance jobs ,business finance ,financing ,jobs in finance ,finance companies ,personal finance software ,finance careers ,international finance ,finance company ,careers in finance ,finance internships ,personal finance articles ,security finance ,heights finance ,healthcare finance ,finance software ,corporate finance ,stock market prices ,yhoo finance ,cnn finance ,finance articles ,finance help ,finance magazines ,finance job ,home finance software ,finance.com ,finance calculator ,household finance ,top finance ,finance dictionary ,finance recruiters ,help with finances ,personal finance advice ,career in finance ,finance calculator online ,project finance ,finance internship ,gogle finance ,finance career ,personal finance education ,journal of finance ,corporate finance jobs ,finance quotes ,consumer finance ,money finance ,finance advisor ,pioneer finance ,personal finances ,free finance software ,finance manager ,mba in finance ,online finance courses ,finance education ,finance analyst ,consumer finance companies ,finance tutor ,stock market ,historical stock prices ,global finance ,finance major ,islamic finance ,online personal finance ,finance certifications ,eagle finance ,kiplinger personal finance ,city finance personal finance ,world finance ,finance news ,finance jobs ,business finance ,financing ,jobs in finance ,finance companies ,personal finance software ,finance careers ,international finance ,finance company ,careers in finance ,finance internships ,personal finance articles ,security finance ,heights finance ,healthcare finance ,finance software ,corporate finance ,stock market prices ,yhoo finance ,cnn finance ,finance articles ,finance help ,finance magazines ,finance job ,home finance software ,finance.com ,finance calculator ,household finance ,top finance ,finance dictionary ,finance recruiters ,help with finances ,personal finance advice ,career in finance ,finance calculator online ,project finance ,finance internship ,gogle finance ,finance career ,personal finance education ,journal of finance ,corporate finance jobs ,finance quotes ,consumer finance ,money finance ,finance advisor ,pioneer finance ,personal finances ,free finance software ,finance manager ,mba in finance ,online finance courses ,finance education ,finance analyst ,consumer finance companies ,finance tutor ,stock market ,historical stock prices ,global finance ,finance major ,islamic finance ,online personal finance ,finance certifications ,eagle finance ,kiplinger personal finance ,city finance