The Allstate Corporation (ALL) and ING US (VOYA) have established a strategic alliance, whereby ALL will provide a complete suite of fixed annuity product offerings issued by ING Companies to its customers.
Allstate, which announced in July that it would stop issuing fixed annuities after 2013, said that the fixed annuity products will be issued by ING USA Annuity and Life Insurance Company (ING USA) and ING Life Insurance and Annuity Company.
ING US annuity and asset sales president Chad Tope commented, "Working with Allstate will help expand our growing footprint in the fixed annuity marketplace.
"By marrying the product expertise of ING U.S. and the extensive consumer reach of Allstate, we bring new product options and support to educate consumers and help more Americans secure their future retirements."
Starting January 2014, Allstate plans to offer fixed annuities, which include ING Single Premium Immediate Annuity (ING SPIA), ING Secure Index fixed index annuity and ING Lifetime Income deferred fixed annuity.
Allstate delivers various retirement savings options, such as annuity products from several providers.