Madison, Wis. (April 2, 2013) – American Family Life Insurance Company (AFLIC) has signed an agreement to transfer its remaining variable universal life insurance policies and variable annuities to Kansas City Life Insurance Company (Kansas City Life). The transaction is subject to review by the Wisconsin Office of the Commissioner of Insurance (OCI).
AFLIC, the life insurance affiliate of Madison, Wis.-based American Family Insurance Group, discontinued the sale of variable products (variable universal life insurance policies and variable annuities) in 2009, but continued to provide all servicing for the existing variable universal life insurance policies and variable annuities.
The transaction involves approximately 34,350 variable policies and contracts, which Kansas City Life is expected to start servicing in early 2014.
"It was important to us that the receiving company aligned with American Family's service expectations and our business values. We found such a company in Kansas City Life," said Al Meyer, AFLIC vice president.
"American Family will continue to focus on the sales and service of our core life insurance products, which include term, universal and whole life products and annuities," Meyer said. At the end of 2012, American Family reported life insurance in force of $88.3 billion.
Meyer said American Family will partner closely with Kansas City Life to help make sure this transition is as seamless as possible for the variable product customers.
American Family Insurance
(608) 242-4100, ext. 30680
AVP, Marketing Development and Corporate Communications
Kansas City Life Insurance
(816) 753-7299, ext. 8663
Based in Madison, Wis., American Family Insurance offers auto insurance, homeowners insurance, life insurance, health insurance, business and farm/ranch insurance in 19 states. American Family insurance is the nation's third-largest mutual property/casualty insurance company. Web: www.amfam.com; Facebook: www.facebook.com/amfam; Twitter: www.twitter.com/amfam.
Kansas City Life Insurance Company (NASDAQ: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company's primary business is providing financial protection through the sale of life insurance and annuities. The Company's revenues were $439.9 million in 2012, and assets and life insurance in force were $4.5 billion and $28.7 billion, respectively, as of December 31, 2012. The Company operates in 49 states and the District of Columbia. For more information, please visit www.kclife.com