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ESSEX ANNUITY AND MUTUAL FUND SALES EXCEED $2 BILLION

 NEW YORK, Jan. 12 /PRNewswire/ -- Essex Corporation, the nation's largest distributor of annuity products to banks, reported record 1992 annuity sales of $1.8 billion, a 64 percent increase over its $1.1 billion total in 1991. Kevin E. Crowe, chairman and CEO, made the announcement today.
 The company, which also distributes mutual fund products to banks, had total sales (including mutual funds) of $2.05 billion in 1992. This compares with total sales of $1.30 billion in the previous year, when Essex became the first marketing company to sell over $1 billion of annuities in one year.
 Essex's 1992 annuity sales are more than double those of two other leading marketing companies, Marketing One and GNA Corporation.
 Essex sells financial products through more than 150 banking institutions, including the Bank of New York, First Interstate, NBD Bancorp and First Union Corporation.
 Independently owned, Essex sells annuities from the nation's leading insurance companies, including AIG, Hartford, John Hancock, Principal Mutual, United of Omaha and Western National. In addition, Essex began marketing annuities from Ford Life Insurance Company this year in 1992, in a very successful program launch.
 Among the mutual fund products the company sells are those from major fund families like Alliance, American Funds, Colonial, Dreyfus, Franklin and AIM.
 A number of factors contributed to Essex's growth, Mr. Crowe stated. "The interest rate environment benefitted all annuity sellers, of course. Apart from that, banks showed a preference for Essex because as an independent company we provide the best annuities from a number of top quality underwriters and we offer a mutual fund program that is customized for the banking marketplace," he said.
 "Essex also provides banks with a complete marketing service, including an extensive training program."
 Mr. Crowe projected that his company's mutual fund sales will increase to 50 percent of total sales by 1995. Among the chief reasons for this, he said, are the aging of baby boomers who now are thinking more of saving rather than spending, consumers' continuing preference for doing business with banks, and the superior mutual fund distribution system that Essex created in 1991 specifically for banks.
 Established in 1980, Essex is headquartered in New York and has 16 other offices throughout the country.
 -0- 1/12/93
 /CONTACT: George Nicholas of George P. Nicholas Public Relations, 212-887-8018, or fax, 212-887-8081, for Essex/


CO: Essex Corporation ST: New York IN: FIN SU:

GK-OS -- NY108 -- 4145 01/12/93 15:23 EST
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Date:Jan 12, 1993
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