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Insurance industry

Western National Life Insurance Company Partners with First of America Bank for Proprietary Fixed Annuity Product

Strategic Insights

— 1 min read

Western National Life Insurance Company has announced a significant partnership with First of America Bank Corporation to develop a proprietary fixed annuity product. This move is part of Western National's efforts to establish strong, long-term relationships with top banks in the country. The fixed annuity, which will be sold by First of America to its customers planning for retirement, will be jointly developed by both companies and issued by Western National Life. Western National Life, with over $8.3 billion in assets, is one of the largest life insurance companies in the United States and a leading provider of individual retirement annuities.

Key Takeaways:

  • Western National Life Insurance Company has signed a letter of intent with First of America Bank Corporation to develop a proprietary fixed annuity product.
  • The fixed annuity will be sold by First of America to its customers planning for retirement, with Western National Life issuing the product and providing marketing, sales, and administrative support.
  • Western National Life will provide specific guidelines for managing the annuity funds, which will be managed by First of America.
  • The partnership is a result of Western National's efforts to establish long-term, high-quality bank distribution relationships.
  • Western National Life has a strong presence in the industry, with over $8.3 billion in assets and a history dating back to 1944.
  • First of America Bank Corporation, with over $24 billion in assets and 650 branches, is the 35th largest commercial banking organization in the United States.
  • Western National Corporation, the parent company of Western National Life, is headquartered in Houston and has a significant presence in the life insurance industry.

Statistics:

  • Western National Life has over $8.3 billion in assets.
  • First of America Bank Corporation has over $24 billion in assets.
  • First of America has 650 branches across the US.
  • Western National Life is one of the 50 largest life insurance companies in the United States.
  • Western National Corporation has a history dating back to 1944.

Sources:

  • Business Wire
  • Western National Corporation
  • Western National Life Insurance Company
  • First of America Bank Corporation
  • New York Stock Exchange (NYSE)

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