Transamerica Life Canada Wednesday announced changes to strengthen its strategic focus on the life and protection market.
Effective immediately, Transamerica will stop offering its Five for Life investment product. The company will continue to service existing contracts including accepting new deposits of up to $25,000.
Transamerica’s TGIF, GIA (Guaranteed Interest Account), SPIA (Single Premium Immediate Annuity) and mutual funds remain available for purchase and deposits. However, sales and marketing support for investment products will be discontinued.
imaxxGIF, TIP and GROWSafe are not available for new sales. Additional deposits are capped at $25,000 for the remainder of 2012.
“This rebalancing of our overall product offering is part of Transamerica’s strategy to focus on the activities that contribute to our sustainable growth and enhance our position in our chosen market,” explains Doug Brooks, president and CEO.
“With this change, we are increasing our capacity to respond to our insurance customers’ needs, to provide a more meaningful customer experience, and to continue delivering on our promises for years to come,” he says.
Brooks adds that “We will continue to service all our investment products to our customary high standards.”
As of September 2011, Transamerica held more than $2.4 billion in its segregated funds and had received more than $179 million in new deposits during the first nine months of the year.
As an AEGON company, Transamerica will continue to employ the investment management expertise of AEGON Capital Management for funds held in insurance policies.