Vaults to Overall Fixed Annuity Sales #1 Spot in Bank Channel for 4Q 2012
Innovation, Competitive Lifetime Guarantees Helped Fuel Growth
TOPEKA, Kan., May 6, 2013 (GLOBE NEWSWIRE) -- Security Benefit Life Insurance Company, a subsidiary of Security Benefit Corporation and a leading provider of retirement savings and income vehicles, has learned that it has captured several top rankings according to industry sources.
According to Beacon Research's most recent Fixed Annuity Premium Study, Security Benefit Life achieved a first-place ranking in total fixed annuity sales for the 4th quarter, and a second-place ranking in total fixed indexed annuity (FIA) sales during the same period. Security Benefit's Total Value Annuity (TVA) and Secure Income Annuity (SIA) also were ranked #1 and #2 respectively in FIA sales for the last half of 2012, according to the report.
According to a separate industry source, AnnuitySpecs, Security Benefit's TVA was the best-selling FIA in the 4th quarter with sales of $600 million, with overall 4th quarter fixed indexed annuity sales market share for Security Benefit at 12.14 percent.
Each of Security Benefit's FIA offerings — Total Value Annuity, Secure Income Annuity and the recently launched Foundations Annuity — capitalizes on Guggenheim's superior general account management capabilities resulting in higher returns that allow Security Benefit to offer attractive product features and, often, relatively higher credited rates and equity index caps.
Security Benefit's success also continues in the Bank and Broker/Dealer markets. With its redesign of the Security Benefit Choice Annuity©, Security Benefit moved from 14th place in the 3rd quarter of last year to taking the #1 spot in total fixed annuity sales in the Bank channel for the 4th quarter of 2012, according to Beacon Research.
"We're very pleased with these results and owe a great deal of credit to our superb distribution partners," said Doug Wolff, President, Security Benefit Life Insurance Company. "We've repeatedly said that in this market environment, where pre- and post-retirees are seeking superior sources of guaranteed lifetime income in retirement, fixed indexed annuities may be a compelling choice. We're delighted that advisors and consumers are embracing the new FIA products and product innovations we've introduced."
Wolff said that industry-wide, sales of fixed indexed annuities grew nearly five percent in 2012, making them an increasingly important segment of the retirement savings industry. Security Benefit was one of the fastest-growing providers in this segment reaching $2.9 billion in sales for 2012.
"Together with our distribution partners and our market-responsive product design, we believe we are providing Americans exciting choices to meet their retirement income challenges," said Wolff.
About Security Benefit Corporation
Founded in 1892, Security Benefit Corporation, a Guggenheim Partners Company, is a leading provider of savings and income solutions for America's pre- and post-retirees. Security Benefit Corporation targets multiple wealth segments and channels of distribution through an independent, merit-based distribution structure. By leveraging Guggenheim Investments' superior general account management capabilities into highly competitive products, Security Benefit Corporation focuses on the retirement savings market providing a full range of services to independent distributors including broker/dealers, IMOs, and other financial service providers. Security Benefit is indirectly controlled by Guggenheim Partners, LLC. To learn more about Security Benefit, visit www.securitybenefit.com.
The Security Benefit Secure Income Annuity and Security Benefit Foundations Annuity (Form 5800 (11-10) and ICC10 5800 (11-10)), and the Security Benefit Total Value Annuity (Form 5700 (3-12) and ICC12 5700 (3-12)), are fixed indexed flexible premium deferred annuities issued by Security Benefit Life Insurance Company. The Security Benefit Choice Annuity (form 4585 (12-00)) is a flexible premium deferred annuity issued by Security Benefit Life Insurance Company. Product features, limitations and availability may vary by state. Not available in all states.
Guarantees provided by annuities are subject to the financial strength of the issuing insurance company. Annuities are not FDIC or NCUA/NCUSIF insured; are not obligations or deposits of, and are not guaranteed or underwritten by any bank, savings and loan or credit union or its affiliates; are unrelated to and not a condition of the provision or term of any banking service or activity.
In all states except New York, annuities are issued by Security Benefit Life Insurance Company (SBL). SBL is not authorized in and does not transact insurance business in New York.
Sources: Beacon Research; AnnuitySpecs.com's Indexed Sales and Market Report, 4th Quarter 2012 Report.
CONTACT: For more information, please contact: Dan Mahoney, Communications Strategy Group - (970) 405-8060 -- email@example.com Michel' Cole, Security Benefit Corporation - (785) 438-3396 -- Michel.firstname.lastname@example.org
Source: Security Benefit