Prudential Retirement has partnered with Wells Fargo to make Prudential Retirement Insurance and Annuity Company’s Prudential IncomeFlex Target (Prudential IncomeFlex) product available to Wells Fargo’s 3,000 defined contribution (DC) plans which cover over three million individuals.
Prudential Retirement, a unit of Prudential Financial Inc. feels that its Prudential IncomeFlex variable annuity is a fitting addition to the DC plan retirement solutions Wells Fargo offers. The variable annuity provides participants with guaranteed lifetime income, a sustained potential for growth, downside protection and full access to market value.
The guaranteed income of the product is provided by group variable annuity contracts written by Prudential Retirement Insurance and Annuity Company, a unit of Prudential Retirement.
Allstate Financial incorporated the product because it offers features that its current suite of retirement products do not. Namely, it allows customers to save for retirement while protecting that income from market volatility. The variable annuity prides itself on its flexibility and its investment growth strategy while maintaining the highly-valued guarantee.
The Retirement Cornerstone variable annuity will, for an additional fee, give the customer the opportunity to create an income for life by offering a guaranteed income option that keeps pace with inflation and interest rates; the opportunity to invest in more than 100 funds as a tax-deferred vehicle; an enhanced death benefit option; and myriad other options that help mitigate the risk of longevity.
Jackson National Life Insurance Company (Jackson), a wholly-owned subsidiary of the United Kingdom’s Prudential Plc, had a strong first quarter with $6.2 billion in total sales and deposits, a 6.3 percent increase from the same quarter last year. Jackson attributed the results to strong variable annuity sales driven mostly by its new Elite Access variable annuity. The product combines traditional investments with alternative investments all through the lens of risk and tactical management while remaining a tax-deferred vehicle.
The Elite Access product brought Jackson $835.6 million in sales and $3.7 billion in other variable annuity sales during the first quarter of the year.