The investment manager Phoenix Cos. Inc. of Hartford, Conn., has a new low-cost, no-load annuity.
Sold through Phoenix's distribution partners, which include bank, independent broker-dealers, and wire houses, the Phoenix Portfolio Advisors Variable Annuity was developed through a strategic alliance that Phoenix formed in October with Jefferson National Life Insurance Co., which is a Lansing, Mich., subsidiary of Prudential PLC of London.
The new annity was introduced Thursday.
It has a flat insurance fee of $20 a month, which is lower than the typical variable annuity insurance fee of 1.35%. It offers investment choices from more than 170 investment funds from 20 independent money managers.
Phoenix Cos. had revenue of $2.6 billion in 2007 and ended the year with assets of $30.2 billion.
