Industry studies have shown a resurgence in variable life product sales, and the U.S. subsidiary of the Dutch insurance and banking giant ING Group NV said Monday that it had responded with a revamping of the fund lineup for its variable universal life insurance subaccounts.
Tillinghast's trademarked Value Survey said variable life sales rose 11% in 2004, with much of the gain due to a 20% fourth-quarter increase (from the preceding quarter), according to ING U.S. Financial Services in Minneapolis. With an eye toward a continued upswing in variable life sales this year, the ING unit said it has introduced as many as 55 funds subadvised by asset managers.
In addition to enhancing access to managed funds, the revamped lineup is expected to enhance consistency across ING's U.S. life insurance companies - ReliaStar Life Insurance Co., ReliaStar Life Insurance Co. of New York, and Security Life of Denver Insurance Co. "Over many years and a number of acquisitions, our company has added numerous investment options to our variable life products," Jim Gelder, the president of ING Life Distribution, said in a press release.
