Global Banking News-April 3, 2015--Genworth seeking buyers for life and annuity unit
5 billion Citigroup's Travelers Life & Annuity unit
and nearly all of Citigroup's international insurance businesses in a transaction that would make it North America's largest individual life insurer based on sales.
Owens joined Securian as a management services assistant analyst in 1999 and moved to the individual annuity unit
TRAC now supports the attributes of an annuity offering, including multi- tier annuity unit
pricing, guaranteed interest contracts and complex annuity distribution rules.
5 billion acquisition of Travelers' Life & Annuity unit
Conseco confirmed it received subpoenas, but says it sold its annuity unit
Factors that partially offset these positives include challenges that LNC faces with respect to strong competition in the life insurance and asset accumulation sectors, particularly in the affluent market segment that LNC has targeted, and a continuing, albeit declining net outflow of funds within its annuity unit
Under the agreement, GE will acquire 90% of the long term care insurance portfolio of Citigroup's Travelers Life & Annuity unit
, as well as enter into a continuing marketing agreement with the distribution channels of both Citigroup and Travelers.
The Travelers Life & Annuity unit
has leadership positions in individual and group annuities, life insurance and long term care insurance.
May, Senior Vice President and head of Independent Distribution for the Life & Annuity unit
of Travelers, said, "We have worked with Gilman + Ciocia and their independent financial professionals for a number of years and believe that they have an approach to the growing financial planning and tax services business that provides Travelers a unique distribution capability.
In 2005, Securian merged its retirement plan and individual annuity units
to focus on the accumulation and management of retirement assets at the retail, group and institutional levels.
Melone continued, "This appointment is an important step in our program of strengthening our management team, sharpening our focus on our core life insurance and annuity businesses, and creating a structure in which there is more accountability for the life and annuity units