The Newark, New Jersey-based insurer mentioned the new Guaranteed Income for Tomorrow contract, or GIFT contract, in a financial report filed with securities regulators.
A copy of the report is available here.
(Related: Prudential Jumps Into Indexed Annuity Market)
In a discussion of major annuity products, Prudential says the GIFT contracts will be “a deferred income annuity, which initially will be distributed through direct response solicitation through our group insurance business.”
Prudential has been distributing variable annuities through financial professionals associated with its Prudential Advisors broker-dealer unit, and with other broker-dealers, the company says.
Prudential has been planning the GIFT contract launch for more than a year. The company first applied for a trademark for the name in August 2016.