Transamerica Life Canada has announced it will refocus its efforts on the life insurance business, cutting back on the sales and marketing of ancillary products and closing its Five for Life investment product to new clients.
The company will continue to service existing Five for Life contracts, including accepting new deposits of up to $25,000, through 2012. Transamerica’s imaxxGIF, TIP, GROWSafe2 programs are also closed to new sales, with the same $25,000 cap on follow-on investments through 2012.
Transamerica is also discontinuing sales and marketing support for its TGIF, GIA (Guaranteed Interest Account), SPIA (Single Premium Immediate Annuity) and mutual funds, but these remain available for purchase and deposits.
“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,” said Doug Brooks, president and CEO.
“We remain committed to delivering increasingly robust service to our distributors, advisors and consumers on the life and protection side of the business, as Transamerica has done for over 80 years.”
At the end 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 9 months of the year.