Western & Southern claims it is on pace to top its total fixed and variable annuity sales of $2.97 billion for 2008 — which itself was up more than 59% over 2007 and an all-time high. Total annuity reserves currently stand at a record $18.5 billion as of April 30, up 4.5% over $17.7 billion at year-end 2008.
“Our strong annuity sales are a direct result of the ongoing flight to quality,” said John Barrett, chairman, president and chief executive officer of Western & Southern. “The financial stability our customers have relied on for more than 120 years remains our top priority,” Barrett noted. “At Western & Southern, we take their financial security seriously — very seriously.”
Sales generated in the bank distribution channel, which is served by Western & Southern member company W&S Financial Group Distributors Inc., accounted for $523 million of that $1.25 billion through April 30. Sales through banks reached $1.2 billion in 2008, more than double their 2007 level.
“Nationally, bank annuity sales hit a record high in 2008 at $54 billion (from a previous high of $50.1 billion in 2003) while bank annuity market share grew for the first time in five years to 21 percent in 2008*,” said Mark E. Caner, president of W&S Financial Group Distributors. “Amid these national trends, Western & Southern’s outstanding sales results affirm that consumers are seeking interest rate guarantees and income certainty from strong providers during these uncertain economic times.”
According to
Western & Southern member companies selling fixed and variable annuities through a variety of distribution channels include Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company, National Integrity Life Insurance Company and the Western-Southern Life Assurance Company (marketed by Western & Southern Life).
