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Home, sweet ... Des Moines?

Symetra is joining insurers including Baltimore's Fidelity & Guaranty Life that are relocating to Iowa or expanding there, lured by what they consider a better regulatory climate. The ability of insurers to choose the most favorable of 50 state watchdogs has caught the attention of U.S. officials, who say the oversight system needs more consistency.

Source: Zachary Tracer, Bloomberg

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MAKING BANK

* Fixed sales production at financial institutions swelled to $16.6 billion in 2013.

* This elevated the bank channel to the second largest distribution channel in the industry for fixed annuities behind the independent agent channel.

* AIG more than doubled production and maintained its status as the number one fixed annuity provider at banks for the 18th consecutive year.

* The top five carriers nearly doubled their performance and generated more than two-thirds of bank fixed premium.

* Fixed annuities outsold variables in the bank space for the first time since April 2011.

Source: The annual BISRA Report.
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Title Annotation:Annuities
Publication:Retirement Advisor
Date:May 1, 2014
Words:158
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