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Securian Financial Group Inc. has introduced a new deferred multi-year guarantee annuity (MYGA) contract.

The St. Paul, Minnesota-based company will write the new SecureOption Choice annuities through its Minnesota Life Insurance Company unit.

(Related: Securian Financial, Pacific Life and Prudential Financial Roll Out New Offerings)

The MYGA contracts offers a choice of guarantee periods lasting three years, five years, seven years or nine years.

The contract holder can get 10% free annual withdrawals after the first year.

MYGA contract sales have been strong in recent quarters.

Figures from Wink Inc. showed that sales of MYGA contracts were 64% higher in the third quarter of 2018 than in the third quarter of 2017.

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