The Cerulli Report Annuities and Insurance 2015

The Cerulli Report Annuities and Insurance 2015 Evolving Products for a Sustainable Industry NEW Interactive Data Supplement Overview & Methodology In its ninth iteration, this annual report examines the retail annuity and life insurance industries, emphasizing annuity distribution, product development, product positioning, and subadvisory asset management. Data for this report comes from several Cerulli surveys of and interviews with insurers, asset managers, advisors, national sales managers, key account managers, and wholesalers. Benefits - Assess new product development trends in the variable and fixedannuity markets - Develop a competitive sales and marketing strategy for both new and emergent channels - Understand variable annuity (VA) product distribution to advisors and investors - Examine changes in asset class demand in VA subadvisory Questions Answered - How great an opportunity do investment-only variable annuities present for asset managers? - Will nontraditional products continue to eat away at feature-rich VAs share? - Will fixed-indexed annuities enter the mainstream? - What impact will the shift to fixed products have on asset managers subadvisory business? - What asset classes are in demand from subadvisory sponsors? NEW Interactive Data Supplement Experience Cerulli s digital platform and interact with analyses from this report today With this report subscription, we re pleased to include these interactive dashboards: 1. Advisor Market Sizing Funnel: Understand the size of the advisorforce that sells annuity and insurance products. 2. Household Sentiment and Ownership of Annuities: Analyze the ownership of annuities by head of household age, household investable assets, and primary provider channel. 3. Insurers vs. Asset Managers: Review the number of advisors, total AUM, total VA assets, advisor fee revenue, and breakdown of client investable assets by advisor channel. LOOK INSIDE THIS REPORT 194 Pages, 138 Exhibits Subscription Information $17,000 Annual - Hardcopy - Digital copy in color - Unlimited online firm-wide access - Exhibits in Excel - Key findings - Online access to 15 related reports - Analyst support - NEW Interactive Data Supplement Research Included A subscription to this report remains active until the next iteration of this report releases and includes online access to the following related Cerulli research: Eight years of The Cerulli Report: Annuities and Insurance Variable Annuity Distribution Opportunities: Broadening Appeal and Attracting New Advisors Cerulli Special Report: Evaluating Your Variable Annuity Product Line Variable Annuity Asset Management: Growing Assets in a New Environment Wealth Transfer: Sizing Trends and Opportunities State of the Variable Insurance Industry: Strategic Implications for Asset Managers and Insurers Insurance Product Distribution Opportunities Retirement Income: Positioning for Success To Purchase CALL +1 617-437-0084 EMAIL info@cerulli.com VISIT www.cerulli.com

New Cerulli interactive Data SupplemeNt Interact with select Cerulli Report analyses today What are Interactive Data Supplements? We are pleased to offer an interactive experience with select data contained in 2015 Cerulli Reports. This Interactive Data Supplement (IDS), allows you to interact with select exhibits in unique ways: NEW Interactive Data Supplement Access consolidated data from multiple report exhibits in a single comparative view Home in on specific data elements Build custom charts that are easily exported for presentations and other materials Apply customizable filters to Cerulli Report analyses including assets under management, net new flows, product type, channel, year, marketplace, and currency $120,000M $100,000M $80,000M EXPLORE FIRM: Select Firm YEAR: 2010-2Q 2013 PROGRAM TYPE: Customize elements including currency, year, channel, etc. $60,000M $40,000M $20,000M $0M 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 $140,000M $120,000M $100,000M $80,000M $60,000M $40,000M $20,000M 10% 5% 0% -5% (All) Mutual Fund Advisory Separate Accounts Rep as Portfolio Manager PROGRAM NAME: (All) Manager Select Model Wealth Portfolio Optimum Market Portfolio Personal Wealth Portfolio SAM (non-securities) SAM (securities) UVEST - CAA UVEST - NATCO UVEST - Vista Mgr Direct UVEST - Vista Wrap Rep as Portfolio Manager Separate Accounts Mutual Fund Advisory Assets Growth Rate View granular data Export exhibits the way you want them to look in Excel, PDF, or as an image $0M 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 Source: Cerulli Associates Remember my changes How to Access IDS This new service is complimentary and is accessible via Cerulli Client Login. Simply access your firm s online Cerulli research with your unique login credentials and you will find the View Interactive Data Supplement link to this platform in My Reports. VIEW INTERACTIVE CHART You can also jump to the related IDS chart in the report by clicking on the View Interactive Chart button throughout the PDF. To obtain online access: Visit www.cerulli.com, or contact our account management team: +1 617-437-0084 info@cerulli.com

Chapter 9 Wholesaling An Essential Component of the Supply Chain exhibit 9.09 Insurance Wholesalers: Services for Building Relationships with Advisors, 2015 Sources: Cerulli Associates, in partnership with Sequoia System International Analyst Note: Respondents indicating service is very important for building relationships. Service Life and Annuity Wholesalers All Wholesalers Sales ideas 79% 68% Best practices from other advisors 68% 61% Providing alternate approaches to challenges 58% 51% Educated competitive product information 53% 61% Practice management guidance 37% 32% Presentations at client events or seminars 32% 25% Educational whitepapers and thought leadership 26% 37% Assistance with advanced financial planning techniques 21% 22% Financial assistance for clients events or seminars 16% 27% Portfolio construction recommendations 16% 36% Entertainment and gifts 11% 12% Capital market commentary 11% 25% Access to portfolio managers or product specialists 11% 31% A high proportion of life and annuity wholesalers say sales ideas are very important in building relationships with advisors. Another important factor is the information wholesalers can provide about best sales practices. Key Implication: It seems that advisors crave information that can help them, thus it is essential for wholesalers to have insights at their fingertips. Cerulli argues that by sales ideas, advisors want ways to use the products that fit with specific client needs. Guidance on best practices is also in demand. This means that a wholesaler must have an ample network of seasoned advisors who freely share their experiences, and the wholesaler must remember anecdotes to share with other advisors. The idea of providing alternative approaches to challenges, which 58% of respondents say is valuable, is intriguing because it speaks to the ideas of best practices and problem solving. C A 136 the Cerulli Report Annuities and Insurance 2015

Expanded table of Contents table of CoNteNtS - Expanded Key Questions Answered...14 1. Which variable annuity product type is the industry hoping will sustain sales most in the coming years?...14 2. Are fixed-indexed annuities grabbing marketshare and mindshare away from variable annuities?...15 3. What is looming as possibly the biggest challenge to variable annuity sales since the 2008 financial crisis?...16 4. What are the top challenges regarding adoption of guaranteed income products within defined contribution plans?...17 5. How can insurers make variable annuities more appealing to an increasingly sophisticated advisor population?...18 6. Which variable fund types do asset managers think have the greatest growth potential?...19 Chapter 1: Bending, Not Breaking: the Big Picture Regarding Annuity Sales...20 An Industry In Transition...21 Living Benefits...22 Exhibit 1.01. Annuity Sales, 2Q 2014 YTD vs. 2Q 2015 YTD...22 Exhibit 1.02. MetLife Quarterly VA Sales and Benefit Changes, 3Q 2010-2Q 2015...23 Risk Levers...24 Exhibit 1.03. Jackson National Elite Access Sales (Total Flow), 2012-2Q 2015 YTD...24 Exhibit 1.04. Annuity Industry Product Evolution, 2010-2020E...25 The Annuity's Income Advantage Encountering Headwinds and Rivals...26 Exhibit 1.05. Annuity Product Best Suited to Creating Retirement Income for Baby Boomers, 2015...28 Exhibit 1.06. Insurers: Methods for Increasing the Number of Advisors Who Sell Variable Annuities, 2015...29 Recent Product Development...29 Exhibit 1.07. Forethought Lifetime Spending Account GAWAs, 2Q 2015...30 Exhibit 1.08. Investment-Only Variable Annuity Sales (Total Flow), 2010-2Q 2015 YTD...31 Exhibit 1.09. AXA Investment Edge 15.0 Protected Premium Death Benefit Rider Charge by Age, May 2015...32 Exhibit 1.10. Insurer Perspective: Most Attractive Future Product and Distribution Opportunities, 2015...34 Exhibit 1.11. Selected Fixed-Indexed Annuity GLWB Riders, 2015...38 The Outlook for VA Subadvisory Opportunities...39 Exhibit 1.12. Asset Managers: Greatest Obstacle in Growing VA Subadvisory Business, 2015...39 Exhibit 1.13. Growth and Availability of Variable Insurance Managed-Volatility Portfolios, 1Q 2013-1Q 2015...40 VA Benefit Reinsurance Capacity Returning...41 Japan Wades Into the Space...41 Regulatory Issues...42 Exhibit 1.14. Variable Annuity Total Flows as a Percent: Qualified vs. Nonqualified, 2005-2Q 2015 YTD...42 Industry Outlook...44 the Cerulli Report Annuities and Insurance 2015 7 C A

table of Contents Expanded Chapter 2: Annuity Distribution overview...45 Exhibit 2.01. Variable Annuity Total Flows, 2005-2015E...47 Exhibit 2.02. Variable Annuity Net Sales as Percentage of New Sales, 2005-2015E...48 Exhibit 2.03. Projected Variable Annuity Industry New and Net Sales, 2014-2020E...49 Exhibit 2.04. Top-25 Variable Annuity Issuers by Sales, 2014-2Q 2015 YTD...50 Exhibit 2.05. Total Annuity Industry Sales by Distribution Channel, 2004-2014...51 Exhibit 2.06. Sales of Annuity Product Type, 2010-2020E...52 Exhibit 2.07. Variable Annuity Total Flows by Distribution Channel, 2002-2015E...53 Exhibit 2.08. Variable Annuity Total Sales by Distribution Channel Cerulli View, 2007-2014...54 Exhibit 2.09. Insurance Company Projected Change in Variable Annuity Sales by Channel, 2014 vs. 2017E...55 Chapter 3: Annuity Business opportunities and obstacles...56 Exhibit 3.01. Insurer Perspective: Greatest Obstacle in Variable Annuity Business, 2015...58 Exhibit 3.02. Insurer Perspective: Most Attractive Future Product and Distribution Opportunities, 2015...59 Exhibit 3.03. Anticipated Availability of Living Benefits in the Next Three Years, 2015...60 Exhibit 3.04. Methods Used by Insurers to Manage Risks Associated with Guarantees, 2015...61 Exhibit 3.05. Investment-Only Variable Annuity Sales (Total Flow), 2010-2Q 2015 YTD...62 Exhibit 3.06. Insurer Perspective: Most Important Features in an Investment-Only VA, 2014...63 Exhibit 3.07. Top Challenges Regarding the Adoption of Guaranteed Income Products within Defined Contribution Plans, 2015...64 Exhibit 3.08. I-Share Class Variable Annuity Sales (Total Flow), 2002-2Q 2015...65 Chapter 4: Variable Annuity Products...66 Exhibit 4.01. Variable Annuity Industry Assets and Growth, 2004-2015E...68 Exhibit 4.02. Projected Variable Annuity Industry Assets and Growth (including TIAA-CREF), 2014-2020E...69 Exhibit 4.03. Top-25 Variable Annuity Issuers by Assets, 2013-2Q 2015...70 Exhibit 4.04. Top-25 Variable Annuity Contracts by Sales, 2014-2Q 2015 YTD...71 Exhibit 4.05. Variable Annuity Total Flows by Share Class, 2005-2Q 2015 YTD...72 Exhibit 4.06 - Part 1. Channel Sales by Share Class Databank, 2005-2Q 2015 YTD...73 Exhibit 4.06 - Part 2. Channel Sales by Share Class Databank, 2005-2Q 2015 YTD...74 Exhibit 4.07. Variable Annuity Assets by Share Class, 2005-2Q 2015...75 Exhibit 4.08. Variable Annuity Fixed Account Assets, 2002-2Q 2015...76 Chapter 5: Fixed and Fixed-Indexed Annuities...77 Exhibit 5.01. Fixed Annuity Sales, 2003-2014...79 Exhibit 5.02. Fixed Annuity Sales by Product Type, 2005-2014...80 Exhibit 5.03. Fixed Annuity Sales by Distribution Channel, 2003-2014...81 Exhibit 5.04. Fixed-Indexed Annuity Sales, 2003-2014...82 Exhibit 5.05. Fixed-Indexed Annuity Sales as Percentage of Total Fixed Annuity Sales, 2004-2014...83 Exhibit 5.06. Insurance Companies: Factors Driving Growth of Fixed-Indexed Annuity Sales, 2015...84 Exhibit 5.07. Fixed Annuity Industry Assets and Growth, 2003-2014...85 Exhibit 5.08. Top-20 Individual Fixed Annuity Issuers by Sales, 2014...86 Exhibit 5.09. Expected Fixed-Indexed Annuity Sales Growth, 2015...87 Exhibit 5.10. Importance of Wholesaler Support to the Fixed-Indexed Annuity Sales Process, 2015...88 C A 8 the Cerulli Report Annuities and Insurance 2015

Expanded table of Contents Chapter 6: life Insurance Products...89 Exhibit 6.01. Life Insurance Sales Growth Rates, 2008-2014...91 Exhibit 6.02. Variable Universal Life and Variable Life Insurance Net Sales, Variable Subaccounts Only, 2004-2Q 2015 YTD...92 Exhibit 6.03. Variable Universal Life and Variable Life Insurance Net Flows Attributable to Top-10 Sellers, Variable Subaccounts Only, 2004-2Q 2015 YTD...93 Exhibit 6.04. Largest and Top-Selling Variable Universal Life and Variable Life Insurance Providers, Variable Subaccounts Only, 2Q 2015 YTD...94 Exhibit 6.05. Household Ownership of Insurance Products by Investable Assets, 2015...95 Exhibit 6.06. Household Ownership of Insurance Products by Primary Provider Channel and Age Range, 2015...96 Exhibit 6.07. Consumer Confidence in Ability to Pay for Long-Term Care Expenses, 2005-2015...97 Chapter 7: Distribution Channel overview...98 Exhibit 7.01. Intermediary Matrix, 2014...100 Exhibit 7.02. Top-25 Broker/Dealer Networks by Advisor Headcount, 2014...101 Exhibit 7.03. Assets by Channel, 2011-2014...102 Exhibit 7.04. Bank Broker/Dealer Variable Annuity Scorecard, 2014...103 Exhibit 7.05. Independent Broker/Dealer Variable Annuity Scorecard, 2014...104 Exhibit 7.06. Insurance Broker/Dealer Variable Annuity Scorecard, 2014...105 Exhibit 7.07. Regional Broker/Dealer Variable Annuity Scorecard, 2014...106 Exhibit 7.08. Wirehouse Variable Annuity Scorecard, 2014...107 Exhibit 7.09. RIA Variable Annuity Scorecard, 2014...108 Chapter 8: Advisor Annuity Use in Practices and Retirement Planning...109 Exhibit 8.01. Advisor Market Sizing Funnel, 2014...111 Exhibit 8.02. Advisors Licensed to Sell Variable Annuity Products by Channel, 2014...112 Exhibit 8.03. Advisors Currently Holding Annuities by Channel, 2014...113 Exhibit 8.04. Active Annuity Sellers by Tier, 2014...114 Exhibit 8.05. Variable Annuity Sales, 2014...115 Exhibit 8.06. Variable Annuity Contracts by Channel, 2014...116 Exhibit 8.07. Marginal VA Sales, 2014...117 Exhibit 8.08. Insurers: Methods for Increasing the Number of Advisors Who Sell Variable Annuities, 2015...118 Exhibit 8.09. Advisors' Unsolicited Client Product Requests, 2014 vs. 2015...119 Exhibit 8.10. Advisor Use of Retirement Income Products and Strategies by Channel, 2015...120 Exhibit 8.11. Obstacles to Providing Retirement Income Advice by Channel, 2015...121 Exhibit 8.12. Important Factors When Investing in an Annuity by Channel, 2015...122 Exhibit 8.13. Important Factors When Selecting a Variable Annuity Provider by Channel, 2015...123 Exhibit 8.14. Variable Annuity Methods for Funding Retirement Income, 2015...124 Exhibit 8.15. Attractiveness of Emerging Annuity Designs by Channel, 2015...125 the Cerulli Report Annuities and Insurance 2015 9 C A

table of Contents Expanded Chapter 9: Wholesaling An essential Component of the Supply Chain...126 Exhibit 9.01. Insurance Company Sales Headcount by Product Line and Role, 2015...128 Exhibit 9.02. Average Variable Annuity Sales per External Wholesaler, 2014...129 Exhibit 9.03. Insurance Wholesalers: Territory Size, 2015...130 Exhibit 9.04. Insurance Wholesalers: Time Allocation, 2015...131 Exhibit 9.05. Insurance Wholesalers: Number of Annual Contacts by Advisor Type, 2015...132 Exhibit 9.06. Insurance Wholesalers: Advisor Profiling Metrics, 2015...133 Exhibit 9.07. Insurance Wholesalers: Sources of Advisor Prospects, 2015...134 Exhibit 9.08. Insurance Wholesalers: Tools for Building Relationships with Advisors, 2015...135 Exhibit 9.09. Insurance Wholesalers: Services for Building Relationships with Advisors, 2015...136 Exhibit 9.10. Insurance Wholesalers: Desired Key Accounts Support, 2015...137 Exhibit 9.11. Insurance Wholesalers: CRM Satisfaction, 2015...138 Exhibit 9.12. Insurance Wholesalers: Desired Areas for Communication Improvement, 2015...139 Chapter 10: Investors and Annuities...140 Exhibit 10.01. Greatest Economic Concern by Investable Assets, 2015...142 Exhibit 10.02. Retirement Households' Top Concerns and Most Important Financial Goal Databank, 2015...143 Exhibit 10.03. Households That Have a Formal Retirement Income Plan by Age Range, 2014...144 Exhibit 10.04. Percent of Households by Age with Formal Retirement Income Plan Databank, 2015...145 Exhibit 10.05. Retirement Households' Income Sources by Age Range, 2015...146 Exhibit 10.06. Retirement Households' Income Sources Databank, 2015...147 Exhibit 10.07. Households' Desired Features of Retirement Income Plans by Investable Assets, 2015...148 Exhibit 10.08. Ownership of Annuity Products Databank, 2015...149 Exhibit 10.09. Household Opinion of Annuities, 2015...150 Exhibit 10.10. Household Opinion of Annuities Databank, 2015...151 Exhibit 10.11. Annuity Product Best Suited to Creating Retirement Income for Baby Boomers, 2015...152 Exhibit 10.12. Reason Household Purchased a Variable Annuity by Investable Assets and Primary Provider Channel, 2015...153 Exhibit 10.13. Reason Household Purchased a Variable Annuity Databank, 2015...154 Chapter 11: Variable Insurance Asset Management Strategy...155 Exhibit 11.01. Asset Managers: Obstacles to Growing VA Subadvisory Business, 2015...157 Exhibit 11.02. Asset Managers: Expected Change in Number of Insurance Sponsor Relationships, 2015...158 Exhibit 11.03. Asset Managers: VA Subadvisory Salesforce and Marketing Headcount by Functional Role, 2015...159 Exhibit 11.04. Additional Distribution Channels Covered by VA Subadvisory Wholesalers, 2015...160 Exhibit 11.05. Communication Strategies to VA Distribution Firms and Advisors, 2015...161 Exhibit 11.06. Asset Managers vs. Insurers: Investment Styles with Greatest Potential for Growth, 2015...162 Chapter 12: Variable Insurance Asset Manager overview...163 Exhibit 12.01. Definitions and Implications of Variable Insurance Assets and Structure, 2015...165 Exhibit 12.02. Variable Annuity Assets by Structure and Distribution, 2004-2Q 2015...166 Exhibit 12.03. Top-25 Variable Insurance Asset Managers, 2Q 2015...167 Exhibit 12.04. Top-25 Selling Variable Insurance Funds, 2Q 2015...168 Exhibit 12.05. Total Subadvised Variable Insurance Assets and Flows, 2004-2Q 2015 YTD...169 Exhibit 12.06. Annual Turnover of Subadvised Variable Insurance Funds and Assets, 2015...170 C A 10 the Cerulli Report Annuities and Insurance 2015

Expanded table of Contents Exhibit 12.07. Top-10 Subadvisory Variable Insurance Asset Managers, 2Q 2015...171 Exhibit 12.08. Top-10 Unaffiliated Subadvisory Variable Insurance Asset Managers, 2Q 2015...172 Exhibit 12.09. Top-10 Subadvised Variable Insurance AUM by Insurer, 2Q 2015...173 Exhibit 12.10. Top-10 Subadvised Variable Insurance AUM with Unaffiliated Subadvisors by Insurer, 2Q 2015...174 Exhibit 12.11. Variable Insurance Trust Assets and Net Flows, 2004-2Q 2015 YTD...175 Exhibit 12.12. Top-25 Variable Insurance Trusts by Marketshare, 2Q 2015...176 Exhibit 12.13. Fastest-Growing Variable Insurance Fund Managers by 3-Year CAGR, 2014...177 Exhibit 12.14. Variable Annuity Asset Marketshare by Structure, Distribution, and Manager Type, 2004-2Q 2015...178 Exhibit 12.15. Percentage of Variable Annuity Assets by Asset Class, 2004-2Q 2015...179 Exhibit 12.16. Percentage of Variable Annuity Assets by Asset Class and Manager Type, 2Q 2015...180 Exhibit 12.17. Passively Managed Variable Annuity Fund Assets and Net Flows, 2004-2Q 2015 YTD...181 Exhibit 12.18. Top-10 Managers of Passively Managed Variable Annuity Funds by Assets, 2Q 2015...182 Exhibit 12.19. Alternative Variable Insurance Fund Assets and Flows, 2004-2Q 2015 YTD...183 Exhibit 12.20. Top-10 Alternative Variable Insurance Funds by Assets, 2Q 2015...184 Chapter 13: Risk Management in Variable Insurance Asset Management...185 Exhibit 13.01. Number of Investment Options Qualified for Primary Living Benefit Options, 2015...187 Exhibit 13.02. Living Benefit Fund-of-Funds Managers, 2015...188 Exhibit 13.03. Asset Managers: VA Subadvisory and VIT AUM Attributable to VA Asset Allocation Models or Fund of Funds, 2015...189 Exhibit 13.04. Variable Insurance Embedded-Advice Fund Assets and Net Sales, 2005-2Q 2015 YTD...190 Exhibit 13.05. Variable Insurance Embedded-Advice Fund Assets and Net Sales as Percentage of Variable Insurance Industry Total, 2005-2Q 2015 YTD...191 Exhibit 13.06. General Account Total Invested Assets and Projections Insurance Business Line, 2008-2021E...192 Index of Companies...193 the Cerulli Report Annuities and Insurance 2015 11 C A

Aegon/Transamerica... 24, 46, 173, 182 AIG (SunAmerica)... 35-37, 172 Alerian... 33 AllianceBernstein... 183 Allianz... 24, 34, 35, 82, 86 American Equity... 35, 36, 86 American General... 26 Americo Financial... 36 Ameriprise... 99, 167, 187 Artisan Partners... 177 AXA... 27, 32, 67 Ballie Gifford... 177 Brookfield Asset Management... 177 Capital Group/American Funds... 28, 163, 167, 176 Columbia Funds... 167, 168 Curian Capital... 40, 163 Dai-Ichi Life... 41 Delaware... 46 Direxion... 33 DoubleLine... 63 Edward Jones... 72, 101, 106 Fidelity... 53, 167, 168, 176, 187 First Investors Life... 36 Genworth... 86 Great American... 34 Great-West... 24 Guggenheim... 33, 46 HCC Insurance Holdings... 41 Hartford... 37, 185, 192 ING... 185 Integrity... 82, 162 J.P. Morgan... 35 Jackson National... 13, 14, 24, 26, 29, 40, 45, 46, 50, 63, 70, 71, 128, 163, 171, 173, 177, 184 Lincoln National... 36, 41, 50, 140, 163, 182 LPL... 43, 101 M Financial... 94 MassMutual... 33, 172 Meiji Yasuda Life... 41 Company Index the Cerulli Report Annuities and Insurance 2015 193 C A

Company Index Mellon Capital Management... 171 Merrill Lynch... 84, 101 MetLife... 13, 23, 24, 26, 30, 36, 37, 45, 48, 50, 70, 94, 169, 173, 174, 177, 184 Milliman... 188 Morgan Stanley... 101 Nationwide... 33, 35, 43, 82, 177 Natixis... 28 Neuberger Berman... 33 New York Life... 36, 37, 52 North American Life... 35 Northwestern Mutual... 36, 38, 94 Ohio National... 41 Pacific Life... 36, 76, 92, 94, 173 PIMCO... 13, 167, 171, 172 Principal Financial... 36 Protective Life... 41, 48 Prudential... 24, 27, 41, 45, 48, 50, 70, 94, 169, 173, 184 Raymond James... 106 Rydex... 179 Schroders... 177 Security Benefit Life... 86 StanCorp Financial... 41 State Street (SSgA)... 182 Sumitomo Life... 41 Sun Life... 46, 185 Symetra... 41, 82 T. Rowe Price... 167, 171, 172 TIAA-CREF... 26, 50 Thrivent Financial... 36 Tokio Marine Holdings... 41 Transamerica... 24, 46 Union Hamilton... 41 ValMark... 162 Vanguard... 28, 177, 182 Voya Financial (ING)... 33, 43, 44, 86, 99, 107, 127, 185 Wellington... 171, 172 Wells Fargo... 41, 84, 101 Westchester... 184 C A 194 the Cerulli Report Annuities and Insurance 2015