In a surprising move, CNA Life of Chicago has hatched an alliance with American Airlines to offer AAdvantage Program airline mile awards to investors of its newly registered variable annuity. This appears to be the first time an annuity sponsor has tagged on such an incentive program.

The annuity, registered last month, is underwritten by Valley Forge Life Insurance Company of Nashville, Tenn. a CNA affiliate. The multimanaged variable annuity will award American Airline miles for the initial and possibly subsequent investments, according to the insurance company in its preliminary Sept. 21 SEC registration filing.

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