FlexGuard, Prudential Financial's first indexed variable annuity product, achieved $1 billion in sales less than six months after launch, making it the fastest-selling product of its kind ever, according to annuity sales data from the Secure Retirement Institute.
FlexGuard is designed to provide customers with downside protection and the opportunity to grow and accelerate the performance of their assets into the future. A commission-based version launched in May with a fee-based version for the advisory space planned for 2021.
Dylan Tyson, president, Prudential Annuities, said, “We strengthened our business this year and better positioned our customers to achieve the financial outcomes they seek by accelerating the launch of FlexGuard during a global pandemic and continued market volatility. The unique product features meet shifting needs among individuals who now more than ever face the challenge of protecting and growing their assets.”
FlexGuard’s index strategies allow customers to select a level of protection, or “buffer,” against market losses along with unique crediting strategies that enable customers to accelerate their gains above and beyond the index return when certain targets are met. Importantly, FlexGuard is designed to adapt with consumers’ needs, allowing changes to investment length, protection level and growth strategies, as the markets shift and individual financial goals evolve.
“As financial professionals and their clients seek to address an uncertain world, FlexGuard’s record-setting sales speaks to our ability to bring the right solution to the market at the right time. We look forward to helping Americans reach their desired financial outcomes with more innovative solutions that help solve for the unpredictable challenges they face,” Tyson added.
For more information on FlexGuard, visit: www.prudential.com/myflexguard.
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of Sept. 30, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.