Brighthouse Financial Inc. hopes to introduce a major life insurance product by the end of the year.
The Charlotte, North Carolina-based company hopes the product will help it attract about $250 million in deposits per year by 2021.
The company is also counting on an enhanced annuity portfolio to generate 11% compound annual growth in deposits from now through 2021, with annual annuity deposits increasing to about $8 billion per year in 2021, from a range of about $5.8 billion to $6 billion this year, according to a new Brighthouse presentation slidedeck.
(Related: Q3 Non-Variable Annuity Sales Were Shocking)
Brighthouse executives used the slidedeck to brief investors during a conference call held Monday.
The company now has about $217 billion in total assets, including $145 billion in assets under management.
It distributes its products through about 400 independent distributors.