Fidelity Variable Annuity Offering Reaches $1 Billion in Sales in First Year

Fidelity Investments recently announced that it reached $1 billion in sales with its MetLife Growth and Guaranteed Income ("MGGI") variable annuity product offering.

The MetLife Growth and Guaranteed Income product has only been available since November 2009.

The MGGI product is manufactured by MetLife and distributed exclusively by Fidelity.

The MGGI product is a deferred variable annuity with a living benefit rider.  The living benefit rider is a guaranteed lifetime withdrawal benefit (GLWB) that offers between 4 and 6 percent.

According to MetLife EVP Robert E. Stollman:

“Strong sales of the MGGI variable annuity show a demand and growing receptiveness in the public for a product that can help individuals secure a steady stream of income in retirement,”

Source: Business Wire

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