American Express Moves Up Bank Annuity Rankings; Firm Ranked 11th Largest Bank Annuity Writer in 2001.Business Editors
MINNEAPOLIS--(BUSINESS WIRE)--April 11, 2002
American Express Financial Group, through American Enterprise Life Insurance Company (AEL AEL Association Electronique Libre
AEL Appalachia Educational Laboratory
AEL Arabisch Europese Liga
AEL Agence de l'Energie
AEL Arab European League
AEL Accessible Emission Limit
AEL Acceptable Exposure Limit
AEL Arquivo Edgard Leuenroth ), has been recognized as the 11th largest overall bank annuity writer in 2001, up three places in rank from 2000, according to the year-end 2001 analysis published in The Kehrer Report.
American Express Financial Group saw overall bank annuity sales grow by 25% in 2001. Bank annuity sales accounted for 21% of total industry annuity premiums in the United States, according to the report. During a year when the overall industry dropped 29% for variable annuities Variable annuities
Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. , American Express registered 11% growth in variable annuity Variable Annuity
An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. sales in 2001. American Express was one of only three carriers to see its variable annuity sales increase in 2001, which led to its year-to-year rank jumping six places to eighth largest variable annuity writer. The firm also saw 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. sales jump 225% on the year, well ahead of the industry average of 58% growth in 2001. American Express moved from 17th to 15th in rank on fixed annuity sales.
"Our strategic partnership approach and our focus on expanding our distributor relationships have paid off in a big way for us in 2001," said Carol Holton, president of American Enterprise Life. "These results prove that we are delivering value to our institutional agents and their clients with our competitive products and improving the ease of doing business every day with us. We are attracting some of the largest annuity distributors in the business and are excited to see strong growth continuing in 2002."
The Kehrer Report (www.kenkehrer.com) is written by Kenneth Kehrer, a highly regarded New Jersey-based consultant. The publication reports on bank insurance and investment industry statistics on a quarterly and annual basis.
Based in Minneapolis, American Express Financial Group, American Enterprise Life Company (AEL) and its affiliate American Centurion Life Assurance Company (ACL See access control list.
1. ACL - Access Control List.
2. ACL - Association for Computational Linguistics.
3. ACL - A Coroutine Language.
A Pascal-based implementation of coroutines.
["Coroutines", C.D. ) provide financial institution clients an array of products and services to support their retail annuity operations. AEL offers fixed and variable annuities and variable universal life insurance 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. directly to financial institutions nationwide. ACL markets fixed and variable annuities in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Both are affiliated with American Express Financial Advisors Inc. (AEFA AEFA American Express Financial Advisors
AEFA Asociación Española de Farmacéuticos Analistas
AEFA Average Emission Factor Approach
AEFA Advanced Engineering Flight Activity
AEFA Fleet Replenishment Ship (Royal Navy) ), which provides financial advisory services and investment programs for more than 2.3 million clients. AEFA, member NASD NASD
See: National Association of Securities Dealers
See National Association of Securities Dealers (NASD). , is the principal underwriter of the variable products issued by AEL and ACL. AEL and ACL had $5.5 billion of assets at the end of 2001. Reserves for policyholder benefits and other liabilities totaled $5.2 billion. AEL and ACL are subsidiaries of IDS Life Insurance Company, which is a subsidiary of American Express Financial Corporation, a well-known and respected leader in financial services. American Express Financial Corporation has more than $253 billion in assets owned, managed or administered as of 12/31/01.
For more information about the American Express annuity products, including fees and expenses, call 1800-333-3437 or write to American Enterprise Life Insurance Company, 829 AXP The brand name Digital gave to its first family of Alpha-based computers. In 1998, Digital was acquired by Compaq. See Alpha. Financial Center, Minneapolis MN 55474, for a prospectus. This material does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sales of annuities in any state in which such offer, solicitation or sales would be unlawful prior to registration or qualification under the applicable laws of any such state. Please call (800) 817-4647 for information on individual state approvals. American Express Company is separate from AEFA and is not an insurance company or a broker-dealer.