Windsor, Conn. — VantisLife Insurance Co. recently received record-setting annuity deposits in the three months ended March 31, 2008—the largest year-over-year percentage increase of the 25 companies featured in a national survey.
The Windsor, Conn.-based company also saw a surge in new agency agreements signed, with 19 new financial institutions added in 2007. The company says it now has 35 banks and credit unions offering VantisLife products outside of the firm’s home state, Connecticut, versus just three in 2003. The company also distributes products through 21 Connecticut based financial institutions.
“Our growth in annuity business is the result of a typical cycle in the financial market place,” says Peter Tedone, VantisLife’s president and CEO. “Whenever rates on certificates of deposit decline and the stock market is in flux, people seek conservative alternatives, such as annuities, to ensure solid returns.”
“We also attribute the rapid growth in our annuity business to our new, competitive multi-year guarantee product and attentive wholesaling for our licensed producers,” Tedone adds. “Every early indication suggests that a continued combination of these factors will allow growth to continue for the remainder of 2008.”
The company reported that premium income from annuities in the first three months of the year was $27 million, compared to $4 million in the same period in 2007. This represents a 675% year-over-year change in annuity deposits, the largest increase among all companies participating in the Q1 2008 Kehrer/LIMRA Annuity Sales Report.
“Only a handful of insurance companies can effectively sell life insurance and annuities through the financial institution channels,” Tedone says. “We continue to believe that the service-oriented relationship that these institutions have with their customers is ideal for offering life insurance products, particularly in the middle-income market, which is often significantly underserved.”
“Offering life insurance products clearly enhances the relationship between the institution and its customers,” Tedone adds. “It is a key reason why banks and credit unions offer these products.”
Source: VantisLife Insurance Co.
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