HARRISON, New York, June 2, 2014 /PRNewswire/ --
Transamerica Retirement Solutions (Transamerica) posted banner financial results in the first quarter of the year, continuing the pace the organization set in 2013.
Sales and deposits were up significantly for Q1 2014 compared to the same quarter last year:
- Sales for the qualified retirement plan business were $4.3 billion, up 43 percent.
- Deposits were $8.3 billion, up 42 percent.
- Net deposits were $3.0 billion, up 12 percent.
Those results follow a year in which sales and deposits reached historic highs. In 2013:
- Sales were $16.8 billion, up 47 percent compared to 2012.
- Deposits were $21.2 billion, up 12 percent for the year.
- Net deposits were $7.8 billion, up 24 percent from 2012.
In addition, assets under administration (AUA) topped the $100 billion mark for the first time in 2013 and ended the first quarter of 2014 at $128 billion.
"Transamerica's laser focus on driving retirement readiness for our 3.4 million participants has helped to put continued energy behind our rapid growth strategy," said Kent Callahan, president and chief executive officer of the Employer Solutions & Pensions Division of Transamerica. "By leveraging our innovative Retire OnTrackSM program and technology, we have helped millions of Americans better prepare for their retirement."
With a 2012 report from industry organization Retirement USA pegging the nation's shortfall in retirement savings at $6.6 trillion, Transamerica believes that every American worker should be able to retire with confidence. Partnering with its base of 24,000 retirement plan sponsors, Transamerica Retirement Solutions saw increases in adoption rates for auto-enrollment and auto-escalation features among sponsors, and in deferral rates among plan participants, in 2013.
"As a company, we look at retirement readiness as the core of what we do every day," Callahan said. "We have more planned this year to support our 'Drive to 10' initiative, a program that encourages participants to increase their deferral rates to a minimum of 10 percent of their incomes."
"We are very proud of the work our team has done with our customer base, and we are pleased to be an active member of this industry driving thought leadership from Capitol Hill to Main Street," Callahan continued.
As part of Transamerica's grass roots effort to increase retirement readiness, the organization launched a public-facing campaign bolstered by the January 2013 publication of "Transform Tomorrow: Awakening the Super Saver in Pursuit of Retirement Readiness," written by Stig Nybo, head of pension sales and distribution. In April 2014, Transamerica hosted its second annual Retirement Readiness Summit for top industry professionals. Those efforts join ongoing research on key retirement challenges published by Transamerica Retirement Solutions.
Transamerica's commitment to retirement readiness is also evidenced by its ongoing financial support of Transamerica Center for Retirement Studies® (TCRS), a division of the Transamerica InstituteSM, a nonprofit, private foundation. TCRS has a long-standing history of conducting research and educating the public about the latest issues and trends related to retirement security in the U.S. In 2014, TCRS published the results of its 15th Annual Retirement Survey.
Transamerica Retirement Solutions' success is based on excellence in services to plan sponsors and their participants, as measured in independent surveys that track top performance in the retirement plan industry. "We are proud of what we have accomplished, but we believe this is only the beginning of what we can achieve," Callahan said. "There is still much work to be done to address the critical need to improve retirement outcomes for so many Americans."
About Transamerica Retirement Solutions
Transamerica Retirement Solutions (Transamerica) is a leading provider of customized retirement plan solutions for small to large organizations.
Transamerica partners with financial advisors, third party administrators, and consultants to cover the entire spectrum of defined benefit and defined contribution plans, including: 401(k) and 403(b) (Traditional and Roth); 457; profit sharing; money purchase; cash balance; Taft-Hartley; multiple employer plans; nonqualified deferred compensation; and rollover and Roth IRAs.
Transamerica helps more than three million retirement plan participants save and invest wisely to secure their retirement dreams. For more information about Transamerica Retirement Solutions Corporation, please visit trsretire.com.
Transamerica, through its subsidiary and affiliated companies in the Americas, is one of the leading providers of life insurance, retirement, long-term savings and investment solutions. Its companies in the United States trace their roots back over 100 years. Transamerica's main offices are in Cedar Rapids, Iowa, and Baltimore, Maryland, with affiliated companies' offices located throughout the United States. For more information: transamerica.com.
About Transamerica Center for Retirement Studies®
The Transamerica Center for Retirement Studies® (TCRS) is a division of Transamerica InstituteSM, a nonprofit, private foundation. The Transamerica Institute is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. For more information about TCRS, please refer to transamericacenter.org.
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