FlexGuard ℠ achieves record-setting $1B in sales less than six months after launch

Rhea-AI Summary

Prudential Financial's indexed variable annuity product, FlexGuard, reached $1 billion in sales in under six months, marking it as the fastest-selling of its type. Designed to offer downside protection and growth opportunities, FlexGuard features customizable strategies that adapt to market shifts and individual financial goals. Launched during a volatile market environment, it reflects strong demand for innovative financial solutions. Prudential, managing over $1.5 trillion in assets, continues to cater to the evolving needs of consumers seeking financial stability.

Positive

• FlexGuard achieved $1 billion in sales within six months, the fastest-selling indexed variable annuity.
• The product offers customizable strategies for downside protection and growth, appealing to shifting consumer needs.
• Prudential manages over $1.5 trillion in assets, indicating strong market presence.

Negative

• None.

NEWARK, N.J.--(BUSINESS WIRE)--FlexGuard℠, Prudential Financial, Inc.’s (NYSE: PRU) first indexed variable annuity product, achieved $1 billion in sales less than six months after launch,ⁱ 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.

Annuities are issued by Pruco Life Insurance Company, located in Newark, NJ (main office), or by Prudential Annuities Life Assurance Corporation located in Shelton, CT (main office). Variable annuities 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. Prudential Annuities is a business of Prudential Financial, Inc.

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.

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ⁱ As stated in Prudential 3 Quarter 2020 earnings call November 4, 2020.