Forethought stands out in annuity market
November 4, 2014 by LiveFyre
Forethought Life Insurance Co., a subsidiary of Global Atlantic Financial Group Limited, is experiencing significant growth in the annuity space, gaining a stronger foothold in an industry serving the growing retiree demographic. When comparing Forethought’s second quarter annuity results to peer results reported by the Life Insurance and Market Research Association, Forethought is one of the fastest growing annuity carriers among companies with quarterly sales of at least $1 billion.
“We continue to invest in our annuity platform, enhancing and adding products while strengthening and growing our distribution, sales support and service capabilities,” said Rob Arena, president of Forethought’s annuity division. “These results show that our message is resonating with advisers and their clients.”
Forethought Life Insurance Co. is headquartered in Houston, with offices in Batesville; Indianapolis; Berwyn, Pennsylvania; and Simsbury, Connecticut.
Forethought offers advisers access to one of the broadest portfolios of annuities in the industry to meet diverse needs of today’s retirees. Its annuity platform includes variable annuities, traditional fixed annuities and a fixed annuity with long-term care benefits. This summer, the company also launched two new fixed index annuities designed specifically for broker-dealer distribution.
Forethought’s growth and success is shared across product lines. Based on a comparison of Forethought’s traditional fixed annuity sales in the second quarter to the LIMRA Individual Annuity Sales Survey for the quarter, Forethought would rank as the second largest seller of traditional fixed-rate annuities with a minimum crediting guarantee.
Sales of variable annuities also continue to grow. Forethought experienced 42 percent growth in variable annuity sales for the second quarter of 2014 compared to the same period in 2013. In addition, for the same period, sales of the ForeCare fixed annuity with long-term care benefits grew 175 percent.
Paula Nelson, executive vice president and head of annuity distribution, noted, “There continues to be increasing demand for annuities among retirees. This is a core market for Forethought, and our strategy is to offer the most comprehensive portfolio of annuity products to help individuals retire successfully.”
Forethought’s annuities are distributed across the country through select third-party wholesaling groups and a captive wholesaling force that partner with national and regional wirehouses, banks and independent broker-dealers.
Forethought Life Insurance Co. provides a full suite of annuities and a leading preneed life insurance platform to help solve the preretirement, retirement and end-of-life challenges facing Americans today. A targeted strategy delivers multifaceted product lines to customers through key distribution relationships across the country. Experienced leadership and financial discipline underlie strong growth and success in the marketplace.