Allmerica Investments has introduced five new investment options for its annuities family, more than doubling the previous tally.
The company's Select Annuities now include 11 portfolios, which invest in stocks and bonds. The products have been offered through brokerages and financial planners for two years and through financial institutions for one.
Banks account for about 15% of the products' sales, according to Mark Steinberg, managing director of the company, a unit of Allmerica Financial, a Massachusetts-based insurer.
"Banks are important to us," said Mr. Steinberg, adding that his company expects to add "several major" new bank clients this year.
The new investment choices include Select Capital Appreciation, an aggressive growth account sub-advised by Janus Capital Corp., a Denver- based mutual fund company; and the Rowe Price Fleming International Stock Portfolio, managed by an affiliate of T. Rowe Price, a Baltimore fund company.
All 11 investment choices, which cover six different asset classes, will be available on May 1 of this year.
Allmerica has tapped private investment managers to oversee the Select portfolios. The Connecticut consulting firm of RogersCasey handles asset- allocation services and monitors the investment managers.