MetLife has agreed to distribute the Living Time fixed term annuity products as part of MetLife’s expansion strategy. This follows the US parent company’s acquisition of Alico, the provider of Living Time plans.
The deal underlines MetLife’s continued commitment to product innovation in the UK market and enables it to establish a presence in the rapidly growing fixed term annuity category which Living Time launched in 2006.
MetLife becomes the main distributor of the Living Time product range, which includes the 75 Plan, the Income Plan and the Personal Investment Plan, in February. Living Time will continue to operate as an independent company.
MetLife plans to include the fixed term annuity market as part of its commitment to product innovation which includes the introduction of a Maximum Investment Plan and its Protected Growth Bond which will launch early in 2011.
“We are delighted to be working with Living Time more closely," says Dominic Grinstead (pictured), managing director UK at MetLife Europe. "Living Time have been pivotal in bringing innovation to the UK retirement income market. With the relaxation of the age 75 rule and continuing low interest rates consumers will be looking for more options. We see both Unit Linked Guarantees and Fixed Term Annuities as being key product innovations for advisers to offer their clients.”