NU Online News Service, April 25, 11:53 a.m. – J.P. Morgan Chase & Company, New York, has introduced a fixed annuity underwritten by Chase Life & Annuity Company of New York.
J.P. Morgan is now one of just a few U.S. banks that is selling a fixed annuity underwritten by an affiliate, the company says.
“This is a logical step in transitioning from the role of a distributor to that of an annuity underwriter,’” Paul Petrylak, president of Chase Life, says in a statement accompanying the product announcement.
J.P. Morgan will be offering the homegrown annuity along with three fixed annuities from other companies.
The annuity, which has a five-year surrender period, will be available in Connecticut, New Jersey and Texas as well as New York.