SHELTON, Conn. - American Skandia Life Assurance Corp. has sold $2.5 million of its AS Advisor Income Annuity, which was launched in July.
The annuity, which is offered through banks, provides immediate access to its cash value as well as ongoing asset allocation and fund selection opportunities.
A guaranteed-income option is available for a 1% annual fee. With this option, the lifetime annuity payments can rise if underlying performance is good but will never fall below the initial amount. regardless of performance.
Meanwhile, five new mutual funds have been added to the American Skandia Advisor Funds lineup, which now includes 23 mutual funds covering 17 asset classes, managed by 17 money management firms.
Second-quarter sales of the three-year-old fund family totaled $1 billion, 19% more than a year earlier.