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Life Health > Annuities

Brighthouse Financial puts its brand on annuities

By Allison Bell

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Brighthouse Financial has put its own brand on two families of annuities.

The Charlotte, North Carolina-based life and annuity unit of MetLife Inc. inherited the annuity families from its parent.

Related: MetLife files for spinoff of U.S. unit after weighing IPO

Brighthouse Financial will now market the products in the indexed annuity family as the Brighthouse Shield Level Selector annuities, and the products in the variable annuity family as the Brighthouse Variable Annuities with FlexChoice annuities.

Brighthouse Financial has also inherited a universal life product, and it will market that product as the Brighthouse Premier Accumulator Universal Life product.

The changes in the brand names are the only changes in the products. The products themselves will stay the same, Brighthouse Financial says.

MetLife is in the process of spinning Brighthouse Financial off as a separate company. MetLife expects the spinoff to start out with $240 billion in assets and about 2.8 million insurance policies and annuity contracts in force.

In other annuity product news:

Allianz Life Insurance Company of North America has introduced the Retirement Foundation ADV Annuity contract. The product is the company’s first fee-based indexed annuity contract. It offers a seven-year withdrawal charge period. Purchasers can receive lifetime income withdrawals as early as age 50. Allianz Life is a Minneapolis-based unit of Allianz S.E., which, in turn, is based in Munich.

Two life insurance company subsidiaries of Dallas-based Sammons Financial Group Inc. have added traditional fixed annuities. Midland National Life Insurance Company has added the MNL FoundationCore annuity, a contract with a three-year initial interest rate guarantee, with annual rate declarations after the guarantee period expires. The other subsidiary, North American Company for Life and Health Insurance, has added the NAC FoundationChoice annuity, a contract that also offers a three-year rate guarantee, followed by annual rate declarations. Both Midland National and North American Company have offices in West Des Moines, Iowa.

Nationwide Life and Annuity Insurance Company, an affiliate of Columbus, Ohio-based Nationwide Mutual Insurance Company, has added two index options to its Nationwide New Heights indexed annuity contracts. One, the J.P. Morgan Mozaic II Index option, is based on the performance of a collection of several global asset classes. The other, the NYSE Zebra Edge Index option, is based on the performance of most of the stocks listed on the New York Stock Exchange, excluding some very popular, highly volatile stocks.

Great American Life, a unit of Cincinnati-based American Financial Group Inc., has added two index options for its indexed annuity customers. One, the iShares U.S. Real Estate Indexed Strategy, offers interest based on the performance of domestic real estate companies and real estate investment trusts. The other, the S&P U.S. Retiree Spending Indexed Strategy, is based on exposure to the economic sectors that might be affected the most by retiree spending. 

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