As Baby Boomers begin to retire in the coming years, insurers are scrambling to cash in on their wealth with variable annuities, The Wall Street Journal reports.

“Insurance companies have historically been kind of sleepy,” said Christopher “Kip” Condron, the U.S. chief of SA. “But banks and mutual funds can’t offer these kinds of guarantees. So we looked at the situation and said, ‘This is our era.’”

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