OneAmerica Surpasses $1B Milestone in PRT Sales
Pension Risk Transfer growth second-highest among competitorsIndianapolis, August 28, 2017
Since re-entering the Pension Risk Transfer (PRT) market in 2014, American United Life Insurance Company® (AUL), a OneAmerica® company, officially surpassed the $1 billion mark in net sales premium.
Achieved during the second quarter of 2017, this milestone is symbolic of the monumental growth achieved by AUL since re-introducing the PRT offering. According to a recent LIMRA survey1, OneAmerica is consistently one of the fastest-growing companies in the marketplace, boasting the second highest growth rate of sales premium among competitors from first quarter of 2016 to first quarter of 2017.2
“We are well positioned to help pension plan sponsors choosing to transfer risk from their plans and reduce their Pension Benefit Guaranty Corporation (PBGC) premiums,” said Andrew Wilkinson, OneAmerica senior vice president. “Our strong administrative capabilities and web-based participant access allow us to fulfill our mission to be there for clients and their participants when they need us most.”
A Pension Risk Transfer is a Single Premium Group Annuity guaranteed buy-out product that allows plan sponsors to transfer their pension risk to AUL, alleviating the obligation of paying their pensioners to focus on their own business.
The Pension Risk Transfer product offered by AUL leverages many of its stand-alone defined benefit plan consulting services including recording-keeping of individual employee data, administration, and consultation from enrolled actuaries and compliance attorneys. OneAmerica has a strong reputation among clients for handling complex defined benefit plans.
Clients’ online access to benefit calculations is another feature of AUL’s Pension Risk Transfer product that separates the company with roots in the financial industry for 140 years from their competitors. Most importantly, the unquestioned financial strength and competitive pricing of the PRT product appeals to plan sponsors.
“Each year we’ve had a goal in PRT sales and each year we’ve topped it; plus we’re on track to exceed our 2017 projections,” said Pat Foley, president of Individual Life and Retirement Services. “The PRT market continues to grow, and that growth fits with our retirement niche and mission.”
1 - LIMRA conducts a quarterly survey of the U.S. group annuity risk transfer market that reports on quarterly sales and assets for 13 different competitors in the marketplace.
2 - According to LIMRA, OneAmerica had the second highest growth rate of sales premium among competitors from first quarter of 2016 to first quarter of 2017 at 52.8 percent.
# # #
American United Life Insurance Company® (AUL) is the founding member of OneAmerica and is focused on providing a strong portfolio of products for individuals, families and businesses. AUL provides local service through a national network of experienced professionals utilizing an extensive menu of financial products, including retirement plan products and services, life insurance, annuities and employee benefit plan products. The company helps consumers prepare for tomorrow by helping to protect their financial futures.
# # #
A national leader in the insurance and financial services marketplace for 140 years, the companies of OneAmerica help customers build and protect their financial futures.
OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products.
Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources that are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit www.OneAmerica.com/companies, the OneAmerica Newsroom or follow @OneAmerica on Twitter.
Tom Spalding, Public Relations Manager, 317-285-1461