| Copyright: | Business Wire | | Source: | Business Wire | | Wordcount: | 1331 |
Business Editors/Financial Editors
NEWARK, N.J.--(BUSINESS WIRE)--November 6, 2008--Prudential Annuities SM announced today that for the fourth consecutive year, one of its variable annuity optional living benefits has won a Boomer Market Advisor Readers Choice Award . 1 Additionally, Insurance Marketing readers recently ranked Prudential Annuities No. 1 for the Best Line of Variable Annuities. 2 Prudential Annuities is Prudential Financial's (NYSE: PRU) domestic annuity business.
Boomer Market Advisor readers, which include insurance, financial and benefits professionals, cited Highest Daily Lifetime Seven SM as "the living benefit that best addresses the income and longevity issues clients face." Available at an additional cost on annuities from Prudential companies, HD Lifetime Seven is a variable annuity optional living benefit that offers a protected withdrawal value based on 7% annual compounded growth on the highest daily account value and daily opportunities to capture greater lifetime income with a 5%-8% income stream, depending on age at first withdrawal, guaranteed for life. Annuitization of the benefit is not required to guarantee an investor’s lifetime income stream.
Variable account values with the HD Lifetime Seven feature totaled over $3.9 billion as of September 30, 2008, and the overall election rate for optional living benefits on Prudential's variable annuity sales was 85 percent for the nine months ended September 30, 2008. "Prudential Annuities continues to dominate our living benefit category," Boomer Market Advisor noted.
"We are tremendously pleased with these awards, which acknowledge our steadfast commitment to helping Americans plan for a successful retirement,” said Stephen Pelletier, president of Prudential Annuities. “Highest Daily Lifetime Seven offers a measure of upside market opportunity and a model designed to help preserve an investor's retirement income in market downturns. It also makes us the only company able to offer optional benefits that can guarantee an annuity’s highest daily value—a title we’re very proud to hold.”
Insurance Marketing's recent producer survey, in addition to citing Prudential Annuities for the Best Line of Variable Annuities, also ranked the company No. 1 in the following categories:
Best Meets Agents Overall Needs
Company Agents Do the Most Business With
Most Effective Annuity Sales and Marketing Materials
Best Job of Raising Public Awareness Regarding Benefits of Annuities.
“Whether an investor’s goal is retirement income, accumulation or beneficiary protection, Prudential Annuities has a highest daily strategy that can help address his or her needs,” according to Bruce Ferris, Senior Vice President of Sales and Strategic Account Management for Prudential Annuities. “Today’s announcement demonstrates our unique ability to provide financial professionals with innovative solutions for Americans in or approaching The Retirement Red Zone®—the critical investment window five years before and after retirement.”
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $602 billion of assets under management as of September 30, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.
(1) Boomer Market Advisor, October 2008
| | | (2) Insurance Marketing, June/July 2008.
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THIS NOTICE DOES NOT CONSTITUTE AN OFFER OF ANY SECURITIES FOR SALE
Variable annuities are long-term investments designed for retirement purposes. Investment return and principal value of an investment will fluctuate so that an investor’s unit values, when redeemed, may be worth more or less than their original cost. Withdrawals or surrenders may be subject to surrender charges. Withdrawals and distributions of taxable amounts are subject to ordinary income tax and, if made prior to age 59-1/2, may be subject to an additional 10% federal income tax penalty. Withdrawals, for tax purposes, are deemed to be gains out first. Withdrawals can reduce the living benefit, death benefit and account value.
Investors should consider the contract and underlying portfolios’ investment objectives, risks, charges and expenses carefully before investing. This and other important information are contained in the prospectuses, which can be obtained from your financial professional. You should read the prospectuses carefully before investing.
Optional living and death benefits may not be available in every state and may not be elected in conjunction with certain optional benefits. The fees are in addition to fees and charges associated with the basic annuity. See the prospectus for more detailed information.
Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your licensed financial professional can provide you with costs and complete details. Guarantees are backed by the claims-paying ability of the issuing company.
Issued on contracts: P-RID-HD7 (07/08) and RID-HD7 (07/08).
Highest Daily Lifetime Seven uses a predetermined mathematical formula to help manage your guarantee through all market cycles. Each business day, the formula determines if any portion of your account value needs to be transferred into or out of the AST Investment Grade Bond Portfolio (the "Bond Portfolio"). Amounts transferred by the formula are specific to your individual annuity and include: (i) The difference between the account value and the Protected Withdrawal Value; (ii) How long you have owned Highest Daily Lifetime Seven (iii) The amount invested in, and the performance of, the Permitted Subaccounts; (iv) The amount invested in, and the performance of, the Bond Portfolio; and (v) The impact of additional purchase payments made to and withdrawals taken from the annuity.
Therefore, at any given time, some, none, or all of the account value may be allocated to the Bond Portfolio. If the entire account value is transferred to the Bond Portfolio, then based on the way the formula operates, the formula will not transfer amounts out of the Bond Portfolio to the Permitted Subaccounts and the entire account value would remain in the Bond Portfolio. If additional purchase payments are made to the annuity, they will be allocated to the Permitted Sub Accounts according to the allocation instructions. Such additional purchase payments may or may not cause the formula to transfer money in or out of the Bond Portfolio. Once the additional purchase payments are allocated to the annuity, they will also be subject to the mathematical formula, which may result in immediate transfers to or from the Bond Portfolio, if dictated by the formula. Transfers to and from the Bond Portfolio do not impact any income guarantees that have already been locked-in. The Protected Withdrawal Value (the basis for guaranteed lifetime income) is separate from the account value, and only available through withdrawals, not as a lump sum.
Any amounts invested in the Bond Portfolio will affect your ability to participate in a subsequent recovery within the Permitted Subaccounts. Conversely, the account value may be higher at the beginning of the recovery, e.g. more of the account value may have been protected from decline and volatility than it otherwise would have been had the benefit not been elected. Please see the prospectus for complete details.
Variable annuities are issued by Pruco Life Insurance Company (in New York, by Pruco Life Insurance Company of New Jersey), Newark, NJ, or by Prudential Annuities Life Assurance Corporation, Shelton, CT.
All are distributed by Prudential Annuities Distributors, Inc., Shelton, CT. All are Prudential Financial companies and each is solely responsible for its own financial condition and contractual obligations. Wachovia Corporation is the majority owner and Prudential Financial, indirectly through subsidiaries, is a minority owner of Wachovia Securities, LLC. Prudential Annuities is a business unit of Prudential Financial. Prudential Financial, the Rock logo, the Rock Prudential logo and The Retirement Red Zone are registered service marks of The Prudential Insurance Company of America, Newark, NJ, and its affiliates.
WO # 64619 IFS-A157273 Ed. 11/2008
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