According to Fran Matso Lysiak’s article “American National’s New N.Y. Life Subsidiary Targets the Fixed Annuities Market” from Best Week, this new subsidiary is looking to penetrate the fixed annuities market in New York. American National Life Insurance Company of New York plans to expand its parent company, American National’s fixed annuity business in New York State. Over time, the New York subsidiary will sell the entire portfolio of American National Life Insurance Company. American National currently uses career agents and independent national marketing organizations to distribute their fixed annuities. As they’ve expanded to nationwide distributors, selling their annuity products in New York made even more sense.
American National had $2 billion in sales of fixed annuities in 2009, an increase from 2008 sales. Last October, American National Life Insurance Company of New York was incorporated partly in hopes to increase those fixed annuity sales. Just this month, the subsidiary was licensed to sell annuities, life insurance, health insurance, and accident insurance. The New York subsidiary has future expansion plans that include sales of life insurance and pensions. American National is based in Texas. It’s companies sell annuities, life insurance, health insurance, credit insurance, and many branches of property and casualty insurance. With a profitable 2009 and an A.M. Best rating of A (Excellent), American National Life Insurance Company and it’s New York subsidiary plan to excel at more than fixed annuities in the future.
