Living Time, the AIG-backed UK annuities company, has stressed it is very much "business as usual" at the firm despite the troubles surrounding its American parent company.
Chief executive Kim Lerche-Thomsen has moved to reassure clients the flexible annuity provider holds the same normal policy protections as any other UK firm.
“Advisers should not be concerned because we are part of an entirely separate insurance arm, ALICO, which is regulated here in the UK,” he says.
“We are authorised by the FSA and our policies all come under the FSCS safeguards.”
Parent company AIG saw its share price plummet more than 60% on Monday and speculation is rife Warren Buffett’s Berkshire Hathaway vehicle is primed for a takeover.
Living Time is part of the AIG Life brand in the UK, which has made a major push into the retail marketplace in recent months with its single premium bond range and plans to expand its fund of funds business.
Lerche-Thomsen says adviser demand for Living Time’s products is consistently growing.
“Business is up many percentage points in the last three months, with advisers attracted by the guaranteed income and capital plans,” he says.
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