Our current target market consists of middle market and mass affluent families
and individuals planning for or living in retirement. This market has a variety
of financial planning needs, such as tax-deferred savings, safety of principal,
guaranteed income during retirement, income replacement and death benefits.
Our target customer is age 50 or older with investable assets of $500,000 or
less. Historically, our marketing strategies focused on high-net-worth and affluent
households with sophisticated estate planning and other financial needs, and
the majority of our life insurance and annuities in force reflects this market
focus.
Independent Producers: We distribute our products through independent producers
who serve the middle market and are typically affiliated with one or more independent
marketing organizations (“IMOs”). We have established selling agreements
with IMOs representing more than 17,100 independent producers. In 2015, nearly
4,200 producers sold Phoenix products. Our distribution strategy for IMOs is
to continue to expand the number of relationships and producers who do business
with us by providing competitive products at competitive commission rates, providing
exclusive product designs and features to certain IMOs and enhancing our servicing
and support technology.
Saybrus Partners, Inc.: Saybrus, Phoenix’s distribution company, sells
Phoenix products through selected independent producers and IMOs and provides
consulting services to partner firms in support of policies written by companies
other than Phoenix. Saybrus’ revenues consist of commissions based on
successful sales.
Saybrus’ partner firms include institutional firms, banks, insurance
retailers and broker/dealers. It brings expertise to help these firms’
financial professionals address clients’ needs with insurance solutions
for basic protection as well as income, estate and business planning. Saybrus
offers solutions for the middle, affluent and high-net-worth markets and customizes
its services to best fit its partners’ businesses with capabilities ranging
from traditional wholesaling to comprehensive consultation and point of sale
support.
