Corebridge Financial, Inc. (CRBG) has made a strategic move to capture a larger share of the growing retirement planning market by launching its new retirement product, the Corebridge MarketLock Annuity. This innovative offering, launched through its American General Life Insurance subsidiary, positions CRBG as the only insurer among the top three companies to offer fixed annuities, variable annuities, index annuities, and now registered index-linked annuities (RILAs).
RILAs are gaining significant traction due to their ability to provide both growth potential and downside protection, making them an increasingly attractive option for retirement planning, especially among Gen Xers and millennials. The MarketLock Annuity capitalizes on this rising demand by offering a unique accumulation strategy alongside other popular RILA investment strategies.
The MarketLock Annuity stands out with its 20 customizable strategy account options, including Corebridge’s exclusive “Lock Strategy.” This strategy locks in gains based on the performance of the S&P 500 Index, guaranteeing a fixed rate until the next contract anniversary. This innovative approach provides clients with a unique blend of growth and security, addressing a key concern for investors seeking to navigate market volatility.
Beyond the Lock Strategy, MarketLock offers other popular crediting methods such as Cap, Trigger, and Dual Direction, each designed to maximize earning potential while mitigating downside risk. These flexible options empower financial professionals to tailor solutions to meet diverse retirement needs in unpredictable market environments.
Corebridge’s entry into the RILA market comes at a crucial time as demand for these products continues to surge, recording five consecutive quarters of sales growth. This strategic move positions Corebridge to capture a larger share of the annuity market, driving future top-line growth. By expanding its product suite, Corebridge is enhancing its competitive edge in the retirement planning landscape.
Other companies offering RILA include F&G Annuities & Life, Inc. (FG), Lincoln National Corporation (LNC), and Brighthouse Financial, Inc. (BHF). Notably, FG launched its first RILA in February 2024, while LNC enhanced its Lincoln Level Advantage RILA product in May 2024. Corebridge’s launch of the MarketLock Annuity further intensifies competition within this dynamic market segment.
