Pheonix Companies Reached $1.5B Under Management

The Phoenix Companies

reached a mid-year milestone of $1.5 billion in fixed indexed annuity funds under management, two and a half years after starting the business from scratch. A former variable annuity player, Phoenix shifted its focus to the middle market in 2009 and began building a fixed indexed annuity product line. “We approached this business with a long-term view and not just for rapid sales growth,” said James D. Wehr, president and chief executive officer. “Our focus is on developing competitive and profitable products, establishing partnerships with strategically positioned Insurance Market Organizations (IMOs) and investing in technology infrastructure to meet the needs of these partners as well as our end clients.” Opportunities for Growth in the Middle Market With Fixed Indexed Annuities Phoenix saw opportunities for growth in fixed indexed annuities in the aftermath of the 2008-2009 market crisis, when middle market consumers were looking for products that had less downside risk and could provide acceptable levels of return even in a low interest rate environment. The demographic force of the Baby Boom generation was also expected to fuel growth in the retirement income sector for the next several decades.