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Add Citibank to the list of annuity companies that are lowering fees on high-cost annuities. Citicorp Lie Insurance, a wholly owned subsidiary of the holding company, said last week that it is reducing fees on its CitiVariable annuity to 0.99% from 1.4%. The average annual annuity fee is 1.27%, a Citicorp statement said.
By announcing the fee reduction, Citicorp joins a select group of annuity companies like Nationwide Life, TIAA-CREF, Fidelity Investments and Vanguard....