NU Online News Service, April 5, 2005, 5:18 p.m. EDT

A California company has started selling a variable annuity designed for residents of New York state.[@@]

Pacific Life & Annuity Company, Newport Beach, Calif., a unit of Pacific Life Insurance Company, says the new Pacific Variable annuity will offer a 4% immediate credit to contract purchasers. The credit is available for investments of up to $250,000, Pacific Life & Annuity says.

Other features include a choice of 31 variable investment options, a fixed-rate option, free asset-allocation services, and an optional guarantee that can ensure that there will be no loss of the initial investment at the end of a 10-year holding period, Pacific Life says.