According to a media release, Manulife USA will provide an annuity chassis for variable annuities to be marketed through the distribution network of Scudder Annuity and Life Division.
Initially, the companies will offer two products containing a guaranteed living income benefit slated for an October 2002 launch:
- a standard seven-year variable annuity
- a three-year L-share product.
Scudder officials said they agreed to the deal to take advantage of Manulife’s experience in developing annuity products, in its technology, and in its service so Scudder can continue driving its annuity sales level.