First Union Corp. rolled out its first proprietary fixed and variable annuities this week.
The Charlotte, N.C.-based banking company has begun selling its fixed- rate First Choice Bonus Annuity and the variable-rate Evergreen Ultra Advantage in branches from New York to Florida.
The new annuity offerings are part of a broader push to increase overall investment sales through First Union branches. The company's annuities sales last year were $164 million, up from $30 million in 1993.
Western National Life Insurance Co., Houston, helped develop and will underwrite First Union's proprietary fixed annuity, and Columbus, Ohio- based Nationwide Life Insurance Co. has a similar arrangement for the banking company's variable annuity.