Western National Life Insurance Company reported today it is teaming up with Griffin Financial Services, a sister-company of Home Savings of America, to develop a proprietary fixed annuity that will be offered to customers throughout the bank's 348 financial service centers in California, Texas, Florida, and Arizona.

Western National Life, which is the principal subsidiary of Houston-based Western National Corporation (NYSE: WNH), is a leading provider of fixed annuity products to the financial institution market and was one of the first to provide proprietary and private-label fixed annuities. The agreement with Griffin Financial Services is one of the largest of several announced by the 51-year-old life insurance company over the last 13 months.

Launch of the new annuity, which has been named the Griffin Income Builder Annuity, is expected in early May. Western National Life and Griffin Financial Services co-designed the flexible premium deferred annuity. Under the agreement, Western National Life will issue the product and provide marketing and administrative support. The annuity funds will be managed by Griffin Financial Services under specific guidelines provided by Western National Life.

Home Savings of America is headquartered in Irwindale, California and is the principal subsidiary of H.F. Ahmanson & Company (NYSE: AHM). The financial institution has assets totaling approximately $50 billion and deposits of $35 billion. In addition to its 348 financial service centers in four states, Home Savings of America operates 121 mortgage lending offices in 10 states.

Western National Corporation, headquartered in Houston, is the parent of Western National Life Insurance Company. With statutory assets of $8.6 billion, Western National Life is one of the largest life insurance companies in the United States. Founded in 1944, Western National Life is a leading provider of retirement annuity products.