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WINDSOR, Conn., June 5, 2008 -- Vantis Life Insurance Company (www.vantislife.com) today announced that it received record-setting annuity deposits in the three months ended March 31, 2008 - the largest year-over-year percentage increase of the 25 companies featured in a national survey. The Company also saw a surge in new agency agreements signed, with 19 new financial institutions added in 2007. The company said that it now has 35 banks and credit unions offering Vantis Life products outside of the firm's home state, Connecticut, versus just three in 2003. The company also distributes products through 21 Connecticut based financial institutions.
"Our growth in annuity business is the result of a typical cycle in the financial market place," said Peter L. Tedone, Vantis Life's president and chief executive officer. "Whenever rates on certificates of deposit decline and the stock market is in flux, people seek conservative alternatives, such as annuities, to ensure solid returns."
"We also attribute the rapid growth in our annuity business to our new, competitive multi-year guarantee product and attentive wholesaling for our licensed producers," Tedone added. "Every early indication suggests that a continued combination of these factors will allow growth to continue for the remainder of 2008."
The company reported that premium income from annuities in the first three months of the year was $27 million, compared to $4 million in the same period in 2007. This represents a 675% year over year change in annuity deposits, the largest increase among all companies participating in the Q1 2008 Kehrer/LIMRA Annuity Sales Report.
"Only a handful of insurance companies can effectively sell life insurance and annuities through the financial institution channels," Tedone said. "We continue to believe that the service-oriented relationship that these institutions have with their customers is ideal for offering life insurance products, particularly in the middle income market which is often significantly underserved."
"Offering life insurance products clearly enhances the relationship between the institution and its customers," Tedone added. "It is a key reason why banks and credit unions offer these products."
According to Ken Kehrer Research, the nationwide average life insurance fee income produced per licensed branch employee is $814.00. Currently, licensed bankers selling through the Vantis Life network are generating about 30% more fee income - about $1,050.00 per year per licensed branch employee. Vantis Life's goal is to work with partners to boost revenue per employee to $2,000.00 per year.
About Vantis Life Insurance Company
Vantis Life (www.vantislife.com) helps financial institutions offer protection products to their core customers, namely middle and upper middle income households. With the financial strength of more than $650 million in assets and an A-Excellent rating from A.M. Best, Vantis Life is sold nationally by licensed representatives within financial institutions, as well as through a professional, licensed direct sales force in the Windsor, Connecticut headquarters. For more information about Vantis Life Insurance Company, visit www.vantislife.com/v8.