Prudential Financial
Annuities for retirement plansPosted by RJ and Makay on Feb 13, 2012 |
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The U.S. Treasury Department announced recently that it would facilitate the expansion of annuities and other guaranteed lifetime income products for retirement plans. The department has put forward two regulations that will make it easier to purchase an annuity through company-funded pensions or 401(k) accounts. Annuities pay out guaranteed lifetime income streams in exchange for a lump sum up-front payment.
Variable annuity sales rose 19% to $80.7 billion in the six months ended June 30, compared with the first half of 2010, LIMRA said on its website. In the second quarter, sales rose 16% compared to Q2 2010, reaching $40.9 billion, according to LIMRA’s second-quarter 2011 U.S. Individual Annuities Sales survey. New York–based MetLife, the largest U.S. life insurer, regained the top spot in variable annuity sales in the first half of this year, leading a group of five firms that dominate this sector of the industry.
