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GE Financial To Use AnnuityNet Technology

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NU Online News Service, Feb. 27, 12:39 p.m. – GE Financial, Richmond, Va., has agreed to use AnnuityNet Inc., Leesburg, Va., as a “preferred annuity technology provider” for its annuity distribution system.

GE Financial is a unit of General Electric Capital Corp., Stamford, Conn. GE Equity, another GE Capital unit, is one of AnnuityNet’s owners.

AnnuityNet, founded in 1997, processed $2 billion in annuity transactions in 2001, according to AnnuityNet figures.

GE Financial is one of several insurers that have announced plans to use or expand use of AnnuityNet technology in the past three months.

The others include The Phoenix Companies Inc., Hartford; Transamerica Life Insurance Company, Los Angeles, a unit of Aegon N.V., The Hague, Netherlands, and Nationwide Financial Services Inc., Columbus, Ohio.