Corebridge Financial enhances The Power Series of Index Annuities

HOUSTON--(BUSINESS WIRE)--Corebridge Financial today announced the addition of Protected Growth Benefit and preset allocation options to select versions of The Power Series of Index Annuities, enhancing the accumulation and diversification capabilities of the company’s index annuity lineup.

Corebridge research found that protecting and growing retirement savings are both key goals for pre-retirees ages 45+, with 73% saying it is very important to make sure their retirement nest egg does not decline in retirement and 72% saying it is very important to continue growing it. The findings highlight the value of solutions that balance multiple financial objectives, and diversification can help support that approach.

“Product innovation is at its best when it improves how customers achieve their financial goals, and our latest index annuity enhancements are designed to do exactly that by helping retirement savers grow and protect their assets with greater confidence,” said Bryan Pinsky, President of Individual Retirement and Life Insurance at Corebridge Financial. “The Protected Growth Benefit adds another layer of accumulation support through a guaranteed increase in contract value, and preset allocation options make diversification easier through ready-made strategy blends.”

Protected growth benefit

Index annuities offer opportunities for growth tied to market index performance while guaranteeing that principal will never decline due to market volatility. The Protected Growth Benefit builds on that foundation by adding a guaranteed level of contract value growth that can help customers pursue their long-term financial goals even in weak or flat market conditions.

Specifically, Protected Growth provides a guaranteed minimum accumulation benefit at the end of the withdrawal charge period. The current Protected Growth Benefit rate for contracts with a 7-year withdrawal charge period is 26.25%. For example, if a contract with a $100,000 premium and a 7-year withdrawal charge period earns less than $26,250 in credited interest over seven years, the contract value would be adjusted to $126,250.

The Protected Growth Benefit is available in select products within The Power Series of Index Annuities family. While there are no fees for this optional product feature, interest crediting rates are lower when Protected Growth is elected.

Preset allocation options

Preset allocation options offer simplified access to diversification within a single annuity. Customers can select from ready-made strategy blends – U.S. Stability, Global Stability, Balanced, U.S. Growth and Global Growth – designed to support different objectives and preferences.

The options draw from a range of index strategies, including the S&P 500^®, Russell 2000^®, PIMCO Global Optima Index^®, MSCI EAFE, ML Strategic Balanced Index^® and Franklin Quality Dividend. By combining multiple strategies, preset allocation options help customers participate in growth opportunities while managing risk across different market environments.

Preset allocation options are available in select products within The Power Series of Index Annuities family. There are no fees associated with this product feature.

For more information about The Power Series of Index Annuities and the broader range of annuity solutions available from Corebridge, visit What We Offer on corebridgefinancial.com.