José Marques, APR
Media Relations Manager
513.629.1448
Mailing Address:
Western & Southern Financial Group
Media Relations
Mail Station 90
400 Broadway Street
Cincinnati, OH 45202
FOR IMMEDIATE RELEASE:
Contact:
Diane E. Planck
Senior Media Relations Specialist (513) 629-1511
Western & Southern Financial Group Annuity Sales Hit $1.25 Billion
– Sales Surge as Consumers Seek Growth Guarantees, Income Certainty –
CINCINNATI — May 28, 2009 — Western & Southern Financial Group (Western & Southern) announced today that total annuity sales reached $1.25 billion for first four months of 2009.
Western & Southern is on pace to top its total fixed and variable annuity sales of $2.97 billion for 2008 — which itself was up more than 59 percent over 2007 and an all-time high. Total annuity reserves currently stand at a record $18.5 billion as of April 30, up 4.5 percent over $17.7 billion at year-end 2008.
"Our strong annuity sales are a direct result of the ongoing flight to quality," said John F. Barrett, chairman, president and chief executive officer of Western & Southern. Western & Southern is a Fortune 500 company – ranked 441 as of April 2009 – and one of the nine strongest life insurance groups in the world based on its AA+ rating from Standard & Poor’s. "The financial stability our customers have relied on for more than 120 years remains our top priority," Barrett noted. "At Western & Southern, we take their financial security seriously — very seriously."
Sales generated in the bank distribution channel, which is served by Western & Southern member company W&S Financial Group Distributors, Inc., accounted for $523 million of that $1.25 billion through April 30. Sales through banks reached $1.2 billion in 2008, more than double their 2007 level.
"Nationally, bank annuity sales hit a record high in 2008 at $54 billion (from a previous high of $50.1 billion in 2003) while bank annuity market share grew for the first time in five years to 21 percent in 2008*," said Mark E. Caner, president of W"S Financial Group Distributors. "Amid these national trends, Western & Southern’s outstanding sales results affirm that consumers are seeking interest rate guarantees and income certainty from strong providers during these uncertain economic times."
According to LIMRA International, an association of life insurers and financial firms, Western & Southern’s sales continue to rank it among the largest individual annuity providers in the United States. And, for the past decade, it has consistently ranked among the top 10 life insurers for fixed annuity sales through banks.
In addition to industry-leading financial strength, Western & Southern’s annuity sales success stems from an expanded range of financial solutions that help customers address risk management challenges resulting from the changing economic environment. For example, in 2008, the company introduced LiveInRetirement.com, an information resource and assessment tool to help financial professionals and their clients understand the impact of several risk factors — Longevity, Inflation, Volatility and Event (LIVE) — on financial well-being and retirement planning.
Western & Southern member companies selling fixed and variable annuities through a variety of distribution channels include Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company, National Integrity Life Insurance Company and the Western-Southern Life Assurance Company (marketed by Western & Southern Life).
About W&S Financial Group Distributors, Inc.
W&S Financial Group Distributors, Inc., partners with financial institutions across the nation to market
annuities issued by Western & Southern member companies and to provide consultative risk
management financial solutions for individuals preparing for or in retirement.
About Western & Southern Financial Group
Western & Southern Financial Group (Western & Southern) is a Cincinnati-based diversified family of financial services companies with assets owned, managed and under our care in excess of $42 billion as of Dec. 31, 2008. A Fortune 500 company, Western & Southern has received A.M. Best’s highest rating of A++ Superior for financial strength, Standard & Poor’s AA+ rating (one of the nine highest-rated life insurance groups in the world), Fitch’s AA+ rating and Aa3 (Stable) from Moody’s. With a heritage dating to 1888, the group’s affiliates include The Western and Southern Life Insurance Company; Western-Southern Life Assurance Company; Capital Analysts Incorporated;¹ ² Columbus Life Insurance Company; Eagle Realty Group, LLC; Fort Washington Investment Advisors, Inc.;¹ Fort Washington Savings Company;³ IFS Financial Services, Inc.; Integrity Life Insurance Company; The Lafayette Life Insurance Company; National Integrity Life Insurance Company; Touchstone Advisors, Inc.;¹ and Touchstone Securities, Inc.² For more information, visit www.westernsouthern.com. Western & Southern is the title sponsor of the Western & Southern Financial Group Masters and Women’s Open tennis tournaments.
¹ A registered investment advisor.
² A registered broker-dealer and member FINRA/SIPC.
³ Member FDIC.
Ratings refer to the financial strength of the insurance company and not to the safety, stability or performance of any investment product.
one of the eight highest-rated life insurance groups
in the world based on Standard & Poor's AA+ Very Strong rating.
Rating current as of November 30, 2010.