Keyport Life Insurance Co. is developing a variable immediate annuity that would allow buyers to allocate assets in several payout channels - as investment bankers stream payouts when securitizing mortgages or college loans.

"We want to customize the allocation of assets in order to optimize income for each phase of an annuitant's retirement," said Philip Polkinghorn, president of the Boston-based insurer. "We want to segment the portfolio, so that the assets will be segmented by time horizons and then allocated by segment."

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