KKR Wants Annuity Arm to Double Its Sales
February 13, 2024 by Allison Bell
KKR now owns 100% of its Global Atlantic business, and it hopes Global Atlantic will increase total annual sales to about $20 billion, from about $10 billion per year today.
Rob Lewin, KKR’s chief financial officer, talked about the company’s vision for Global Atlantic today, during a conference call with securities analysts. ”I think there’s a lot of share we can gain there,” he said.
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Wink’s Moore on the Market: If there is anyone that can help Global Atlantic Financial Group double their sales, it is my friend Paula Nelson!
So, $20 billion of a $284 billion is their goal.
If they want to expand their sales of 7- to 10-year surrender charge annuities, they better be focusing on independent agent distribution. Independent agents account for nearly 25% of all deferred annuity sales today.
That said, it will be no small feat to double sales, with longer surrender charge products, with short-term rates looking so good…
I am excited to see such an ambitious goal. Let’s see how this plays out! -sjm