10.27.22
Ameriprise Continues to Shift Away From Life and Annuity Guarantees
by: Allison Bell
Walter Berman, Ameriprise’s chief financial officer, said the company will continue to focus on sales of low-guarantee products, such as variable annuities without living benefits and variable universal life insurance. Ameriprise variable annuity sales fell to $948 million in the third quarter, down 35% from the total for the year-earlier quarter. The decrease reflected the “discontinuation of sales with living benefit riders that was completed in June, as well as industry slowdown due to market dislocation.”
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