NEWARK, N.J.--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) announced that its FlexGuard product has reached a $10 billion total sales milestone since its launch in 2020, making it the fastest-growing indexed variable annuity in the industry, according to data from the Secure Retirement Institute.1
FlexGuard allows individuals and their financial professionals to select index-linked investment strategies, including some with the potential to accelerate gains above and beyond the index return when certain targets are met, while also providing a buffer to help limit downside losses during periods of market volatility.
“The success of FlexGuard is a testament to Prudential’s continued focus on our customers and bringing to market the right solution, at the right time, to help meet their retirement security needs,” said Dylan Tyson, president of Retirement Strategies at Prudential. “The challenges of today’s capital markets environment further underscore the importance of protecting financial outcomes.”
FlexGuard offers investment strategies with different levels of protection that can be customized based on an individual’s retirement needs. The product is designed to be flexible, allowing changes to investment length, protection level and growth strategies, as markets shift and individual financial goals evolve.
Prudential accelerated the launch of FlexGuard in early 2020, as customers faced the emerging pandemic and heightened market volatility. Less than six months after launch, FlexGuard achieved $1 billion in sales, setting a pace that continues today as the fastest-selling product ever of its kind. The company has continued to enhance the offering, with new indexes, additional buffer levels, a performance lock feature and higher participation and cap rates.
“FlexGuard demonstrates how we are evolving Prudential’s products to expand access to retirement security in new ways,” Tyson said. “We are committed to creating the next generation of solutions that help protect retirement assets and redefine retirement income security for individuals and their families.”
Building upon the record success of FlexGuard, Prudential launched its FlexGuard Income® indexed variable annuity in 2021. A unique protected retirement income strategy, the product offers features similar to FlexGuard during the savings stage, then adds a new buffered income benefit linked to market performance. If an account value ever reaches zero, this is followed by an insured income stage that provides a set level of income for life.
The FlexGuard suite of products complements Prudential’s full portfolio of individual retirement strategies, and supports the company’s continued focus on becoming a higher growth, less market-sensitive and more nimble company.
For more information on FlexGuard, visit prudential.com/myflexguard.
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.4 trillion in assets under management as of June 30, 2022, 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 by expanding access to investing, insurance, and retirement security. 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.
With more than 95 years of retirement experience, the Retirement Strategies team at Prudential delivers industry-leading retirement security solutions to individuals and institutions. The business protects financial outcomes for more than 2 million customers and provides retirement income of more than $18 billion annually through its lines of Individual Retirement Strategies, including Prudential FlexGuard and FlexGuard Income, and Institutional Retirement Strategies, including U.S. Pension Risk Transfer, International Reinsurance, Institutional Stable Value and Structured Settlements.
Annuities are issued by Pruco Life Insurance Company, Newark, NJ (main office) and 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.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. If you would like information about your particular investment needs, please contact a financial professional.
Annuity contracts contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your licensed financial professional can provide you with complete details.
Guarantees are dependent upon the claims-paying ability of the issuing company and do not apply to the underlying investment options.
Index-linked variable annuity products are complex insurance and investment vehicles and are long-term investments designed for retirement purposes. There is risk of loss of principal if negative index returns exceed the selected protection level. Gains or losses are assessed at the end of each term. Early withdrawals may result in a loss in addition to applicable surrender charges. Please reference the prospectus for information about the levels of protection available and other important product information.
Investors should carefully consider the features of the contract, index strategies, and the underlying portfolios’ investment objectives, policies, management, risks, charges and expenses. The initial summary prospectus and the index strategies prospectus for the contract, and the summary prospectus or prospectus for the underlying portfolios (collectively, the “prospectuses”) contain this and other important information and can be obtained from your financial professional. Please read them carefully before investing.
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1 SOURCE: LIMRA Secure Retirement Institute U.S. Individual Annuities Sales Survey, 1Q 2022 and Preliminary 2Q 2022.
P-RILA/IND(10/21), P-RILA/IND(10/21)-ID, P-FGI/IND(10/21), P-FGI/IND(10/21)-ID
1061799-00001-00
