UJB Financial Corp. and SunAmerica Corp. have scuttled plans to launch a family of proprietary annuities after crossing swords over how to make the products profitable.

The breakup appears to mark the first time a bank and its insurance partner have split since banks began entering the proprietary annuity business two years ago. About a dozen banks have rolled out variable annuities and another 10 or so have announced plans to do so.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.