Western National Life Insurance Company Partners with TCF for Private-Label Fixed Annuuity

Strategic Insights -

Houston-based Western National Life Insurance Company has announced an agreement with TCF, one of the nation's leading annuity providers, to develop a private-label fixed annuity. This partnership will expand Western National Life's product distribution by 141 branches, leveraging TCF's extensive retail financial services network. The new annuity will be offered through TCF branches to customers saving for retirement, providing them with a secure and reliable investment option.

Key Takeaways:

  • Western National Life Insurance Company has signed an agreement with TCF to develop a private-label fixed annuity, expanding its product distribution by 141 branches.
  • TCF is a leading annuity provider, ranked seventh in annuity sales among U.S. thrift institutions in 1994, with a high annuity asset base penetration of $39.50 for every $1,000 of assets.
  • Western National Life is a front-runner in the private-label and proprietary fixed annuity arena, having signed seven such agreements so far this year, and is also a major provider of retail annuity products through the financial institutions channel.
  • TCF, a subsidiary of TCF Financial Corporation, operates primarily in Minnesota, Illinois, Wisconsin, Michigan, and Ohio, with 265 retail financial services offices.
  • Western National Life will issue the new annuity, manage the annuity funds, and provide TCF with marketing, sales, and administrative support.

Statistics:

  • Western National Life's statutory assets are $8.4 billion, making it one of the largest life insurance companies in the United States.
  • TCF Financial's bank subsidiaries operate in six states, with assets of $7.3 billion.
  • Western National Life has signed seven private-label and proprietary fixed annuity agreements so far this year.
  • In 1994, TCF had the highest annuity asset base penetration rate among all U.S. thrifts and commercial banks with assets of over $1 billion.

Sources:

  • Business Wire, October 26, 1995
  • Bank Insurance Market Research Group
  • Western National Corporation
  • TCF Financial Corporation
  • TCF Financial's bank subsidiaries