Hartford Annuities Most Popular With Bank Customers Last Year.

Hartford Life Insurance Co. held on to its lead last year in individual annuities sold through banks, but American General Life & Annuity Co. closed the gap, according to a survey by Kenneth Kehrer Associates, Princeton, N.J.

Hartford's bank sales were up 11% to $4.2 billion, the first time an insurer has garnered at least $4 billion in annuity premium through banks. American General increased its bank sales by 88% to $3.5 billion. Last year was the fourth consecutive year in which Hartford sold more variable annuities through banks than any other insurer. It also was the fourth straight year that American General did the same for fixed annuities.

American General continued to pursue a joint-venture strategy by adding proprietary variable annuities with Washington Mutual and Banc One to its existing proprietary fixed annuities with First Union, Calfed, Firstar and other banks.

Aegon and Transamerica, which merged early in 1999, increased their combined total annuity sales 88% to $2.6 billion, moving into third place over Nationwide Group. Nationwide increased its sales by 14% to $2.3 billion. Kenneth Kehrer, whose consulting firm conducts the survey, said both Aegon and Transamerica had been focusing on private-label products for large banks.

The Allstate Life Group increased its sales by 93% to $1.95 billion, but remained in fourth place. Kehrer said its growth came from both the increasing popularity of the Putnam Allstate Variable Annuity and from the expanded wholesaling efforts at Glenbrook Life & Annuity. Glenbrook also is one of three fixed-annuity underwriters providing products to Banc One.