Allianz Life enters DC business with guaranteed income product

Former Voya, Nuveen exec Mike De Feo will head the company’s new business line.

Allianz Life Insurance has entered the defined-contribution business and hired Mike De Feo as the segment’s leader. De Feo most recently headed Voya’s retirement and DC business and earlier led Nuveen’s DC business.

The insurer’s first product for the DC market is Allianz Lifetime Income+ Annuity, which provides a guaranteed income option that is “flexible and portable, featuring growth potential, protection from market loss and guaranteed lifetime income that has the potential to increase annually for life to help address the effects of inflation,” the company said in a release.

A survey of participants in employer-sponsored retirement participants, showed that 73% would consider a plan option offering guaranteed income for life, Allianz said, while 64% said that pandemic-caused market volatility has increased their interest in adding an option that offers guaranteed lifetime income to their plan.

[More: Vetting annuities for 401(k)s not an easy task]

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