Corebridge Financial is cementing its status as a leader in the annuities space with a groundbreaking entry into a burgeoning segment.
The company has expanded its retirement product portfolio with its first registered index-linked annuity, the Corebridge MarketLock Annuity, issued by its subsidiary American General Life Insurance Company.
With the launch, Corebridge is claiming leadership as the only top-three annuity provider in the US to offer products across all major annuity categories, including fixed, index, variable, and now registered index-linked annuities.
The Corebridge MarketLock Annuity provides financial professionals with a range of popular RILA investment strategies aimed at balancing growth potential and downside protection. It includes an exclusive "Lock Strategy," which automatically locks gains based on S&P 500 index performance once a preset target is reached, enabling clients to secure those gains without waiting for the strategy’s term to end.
Bryan Pinsky, president of individual retirement at Corebridge Financial, emphasized the growing importance of annuities.
“We recognize how essential it is for financial professionals to have a single trusted annuity provider that can help them meet the diverse retirement needs of all their clients," Pinsky said in a statement.
“As more Gen Xers and millennials start planning for retirement, annuities and especially RILAs have become increasingly important in diversifying investment portfolios and helping to deliver growth potential with some downside protection.”
RILA products have surged in popularity in recent years, with sales setting records for five consecutive quarters. As per the latest figures from Limra, RILA sales reached $16.2 billion in the second quarter of 2024 alone, pushing first-half sales to $30.7 billion and handily outpacing traditional variable annuities.
"More than a half dozen carriers have launched or enhanced their RILA products in the first half of the year," Bryan Hodgens, senior vice president and head of Limra research, said in announcing the results. "These product innovations are driving a more competitive landscape and signaling the RILA market still has significant growth potential."
Limra's latest industry projection forecastts RILA sales will breach the $50 billion barrier this year.
The Corebridge MarketLock Annuity features 20 different strategy account options, including the exclusive Lock Strategy, which offers investors flexibility as they navigate changing market conditions.
Tina Haley, senior vice president and head of product for individual retirement at Corebridge, emphasized the value of versatility in the new product.
“Having all this versatility packed into a single RILA is incredibly valuable in helping meet clients’ needs and goals in changing market environments,” she said.
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