A giant insurer has formed a variable annuities sales alliance with a giant bank.
The securities arm of Wachovia Corp., Charlotte N.C., has agreed to sell variable annuities and living benefits riders from the distribution arm of MetLife Inc., New York, in Wachovia bank branches.
The Wachovia retail brokerage arm helps oversee $730 billion in client assets.
Wachovia will sell the MetLife annuities through financial advisors in its investment services group, MetLife says.
Products to be sold through the alliance will include the MetLife Lifetime Withdrawal Guarantee rider, the Guaranteed Minimum Income Benefit Plus rider and the Guaranteed Minimum Accumulation Benefit rider, according to MetLife.