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Article: Nationwide Cuts Annuity Price as Rivals Jockey.(Nationwide Mutual Insurance Co.)
- Article from:
- American Banker
- Article date:
- October 14, 1997
- Author:
CopyrightCOPYRIGHT 1997 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Prompted by increased competition among insurers peddling variable annuities through banks, Nationwide Insurance has unveiled a price cut set to debut next month.
The company, which sells insurance products through 160 banks, hopes to juice up sales of America's Future Annuity by charging 30 basis points less than the competition on the value of an account for the insurance component of the product. The industry average is 125 basis points.
"We just feel this is a good time to come to market and make sure we deliver a consumer-value product," said Gari Aber, vice president of business development at Nationwide Financial Institution Distributors Agency Inc.
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