The Rise and Evolution of Venerable Insurance and Annuity Company

Venerable Insurance and Annuity Company, formerly known as The Variable Annuity Life Insurance Company (VALIC), is a financial service provider that was founded in 1955. Originally, Venerable Insurance focused on providing retirement plans and insurance products to the public sector. However, as the company grew and evolved, it expanded its reach to various industries, including healthcare, education, and technology.

Throughout the years, Venerable Insurance and Annuity Company has undergone significant changes, including changes in ownership and rebranding. Despite these changes, the company has remained a reliable financial service provider, committed to helping individuals and businesses plan and save for the future.

The History of Venerable Insurance and Annuity Company

The Variable Annuity Life Insurance Company (VALIC) was founded in 1955 by two Texas A&M professors. The company started as a provider of retirement plans to employees of the public sector, including teachers and government employees. In the early stages, the company’s focus was on providing tax-deferred annuities and life insurance to individuals looking to secure their financial future.

By the mid-1960s, VALIC had expanded its reach to other states, offering its services to corporations and nonprofit organizations as well. The company grew rapidly and continued to be a leader in the financial industry, pioneering new products and services that served the evolving needs of its clients.

In 1998, VALIC became a wholly-owned subsidiary of American International Group (AIG), a multinational insurance company. The acquisition resulted in expanded resources for the company and contributed to its continued growth and success.

However, in 2018, VALIC announced a rebranding effort, changing its name to Venerable Insurance and Annuity Company. The rebranding effort was part of AIG’s strategy to streamline its organization and focus on core businesses. The change in name did not affect the company’s commitment to its clients, and it continued to provide excellent services and financial products to individuals and businesses alike.

Venerable Insurance and Annuity Company Products and Services

Venerable Insurance and Annuity Company offers a range of financial products and services to meet the diverse needs of its clients. These include:

Annuities

Venerable Insurance offers a range of annuity products that provide clients with guaranteed income for life, regardless of market fluctuations. The company’s annuity products include variable annuities, indexed annuities, and fixed annuities. These products are designed to help clients save for retirement, manage risk, and ensure their income lasts throughout their lifetime.

Life Insurance

Venerable Insurance offers life insurance policies that help clients protect their loved ones in the event of their death. The company’s life insurance products include term life insurance, universal life insurance, and variable universal life insurance. These products provide clients with peace of mind, knowing their loved ones will be taken care of in the event of an unexpected death.

Asset Management

Venerable Insurance offers asset management services to individuals and institutions looking to invest in a diversified portfolio of assets. The company’s asset management team is made up of experienced professionals who have a deep understanding of investing and portfolio management. They work closely with clients to develop customized investment strategies that align with their goals and risk tolerance.

Retirement Plans

Venerable Insurance offers retirement plans to businesses and institutions looking to provide their employees with a secure financial future. The company’s retirement plans include 401(k) plans, 403(b) plans, and defined benefit pension plans. These plans are designed to help employees save for retirement and provide them with the income they need to live comfortably in retirement.

Frequently Asked Questions

Conclusion

Venerable Insurance and Annuity Company has come a long way since its founding in 1955. The company has evolved from a provider of retirement plans to the public sector to a reliable financial service provider that offers a range of products and services to individuals and businesses. The company’s commitment to its clients has remained unwavering, and it continues to innovate and adapt to changing needs and requirements. With a strong focus on the future, Venerable Insurance and Annuity Company is well-positioned to continue leading the financial industry for years to come.