A unit of American International Group Inc. has captured the top spot in bank fixed annuity sales, new data show.
At the end of the third quarter, Kehrer-LIMRA ranked Western National Life, formerly known as AIG Annuity Insurance Company, as the number one seller of fixed annuities in banks. Pacific Life Insurance Company, Newport Beach, Calif., was in second place and New York Life Insurance Co. was third.
At the end of last year, AEGON/Transamerica, part of AEGON N.V., the Netherlands, had held the top spot in the rankings of Kehrer-LIMRA, part of LIMRA International, Windsor, Conn. It was followed by New York Life and Western National–which changed its name from AIG Annuity after the parent company was forced to accept federal bailout money.
According to an article in the New York Times Dec. 10, Western National’s share of AIG’s losses was $7.9 billion.