AETNA announces annuity marketing agreement with National City Bank.HARTFORD, Conn.--(BUSINESS WIRE)--Sept. 18, 1995-- Aetna Life Insurance and Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. Co. (ALIAC) and its Financial Institutions Marketing Group announced that it has reached a selling agreement with National City Bank of Minneapolis. Under the agreement, National City Bank will sell ALIAC's fixed annuity Fixed Annuity An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. products, Aetna Premier/Aetna Provider and Aetna Premier Plus/Aetna Provider Plus, through its banking offices in Minnesota. National City Bank, with retail deposits of more than $500 million, is based in Minneapolis, and offers a comprehensive line of financial and banking services throughout Minnesota. "We are delighted that National City Bank has agreed to market ALIAC'S fixed annuity products through its retail banking franchise," said David M. Sanderford, ALIAC's Vice President/Financial Institutions Marketing. "We look forward to helping them meet the investment needs of their customers in Minnesota." "Aetna's high ratings, widespread name recognition and full product line should help National City Bank achieve its goals," said Dan Schroeder, National City Bank's Program Manager. Schroeder added, "I am excited about the level of support that National City Bank will be receiving from Aetna." Ken M. DiFrancesca, Regional Director/Financial Institutions Marketing for ALIAC, will coordinate the relationship between National City Bank and ALIAC. ALIAC's assets as of June 30, 1995 are $24.0 billion ($22.5 billion of customer and other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. , $1.5 billion of shareholder's equity); which includes $8.8 billion in variable and mutual fund assets Fund assets The total value of a portfolio's securities, cash, and other holdings, minus any outstanding debts. under management. ALIAC is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Hartford, Conn. based Aetna Life and Casualty Company, one of the nation's largest diversified diversified (di·verˑ·s insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies, with consolidated assets of nearly $95 billion. CONTACT: Aetna Life Insurance and Annuity Company Andrew Schwartz, 203/275-3767 or National City Bank, Dan Schroeder, 612/340-3189 |
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