Insurance companies are looking to non-traditional sources of growth amid growing financial pressures, according to a study by Cerulli Associates, and many are turning to the defined benefit pension market.

The study, "Annuities and Insurance 2013: Balancing Shrinking Supply and Increasing Demand for Guarantees," examined the variable annuity, insurance and insurance sub-advisory marketplaces, focusing on distribution, product development and asset management.

It found that many insurers are scrambling to diversify the types of products they offer, and that defined benefit plans are turning into a major boon for the industry.

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