Brighthouse Financial Broadens its Product Lineup with Two New Fixed Annuities
CHARLOTTE, N.C.--(BUSINESS WIRE)--Sep 20, 2018--Brighthouse Financial (Nasdaq: BHF), one of the largest providers of annuities and life insurance in the U.S., announced today the launch of two new fixed annuity products: the Brighthouse SM Fixed Rate Annuity and Brighthouse SM Fixed Rate Annuity MVA through Brighthouse Life Insurance Company.* The updates reflect the company’s commitment to providing a tailored set of annuity and life insurance products that respond directly to the needs of financial advisors, and the clients they serve, across market environments.
“As interest rates rise, we see growing demand for fixed annuities,” commented Myles Lambert, chief distribution and marketing officer, Brighthouse Financial. “We are responding with two new fixed annuities that can provide greater value as people plan and save for retirement.”
Both the Brighthouse Fixed Rate Annuity and Brighthouse Fixed Rate Annuity MVA are single premium deferred fixed annuities that offer consumers a guaranteed rate of interest for the Initial Guarantee Period. Consumers can select an Initial Guarantee Period of 3 years, 5 years or 7 years at the time of purchase. In addition, any purchase payment of $100,000 or more will receive an enhanced rate.
The Brighthouse Fixed Rate Annuity MVA includes a limited Market Value Adjustment (MVA), which generally allows for higher interest rates during the Initial Guarantee Period than the Brighthouse Fixed Rate Annuity. However, large withdrawals (those subject to withdrawal charges) may be positively or negatively impacted as a result of the MVA.
The Brighthouse Fixed Rate Annuity is not subject to an MVA and offers an optional return of premium guarantee through the Principal Guarantee Rider. This guarantees consumers their purchase payment back if they surrender their policy early.
The new fixed annuities are the latest additions to the company’s annuity portfolio following the launch of a new FlexChoice Access VA rider in the first quarter of 2018. In its financial results for the second quarter of 2018, Brighthouse Financial reported that annuity sales increased 42 percent over the second quarter of 2017, primarily driven by an increase in sales of the Brighthouse Shield Level and fixed indexed annuities.
“We are excited to launch these new products and believe they will allow us to be more competitive in an increasingly important market. Expanding our fixed annuity lineup broadens and strengthens our overall product portfolio and allows us to better serve our distribution partners and their clients,” concluded Lambert.
The Brighthouse Fixed Rate Annuity and Brighthouse Fixed Rate Annuity MVA are now available for purchase through the company’s network of independent distribution partners.
For detailed information, please see https://www.brighthousefinancial.com/products/annuities/fixed-rate-annuities/.
*The Brighthouse Fixed Rate Annuity and Brighthouse Fixed Rate Annuity MVA are not currently available in New York and are not available in all states.
Brighthouse Fixed Rate Annuity and Brighthouse Fixed Rate Annuity MVA guarantees are subject to the financial strength and claims paying ability of Brighthouse Life Insurance Company, Charlotte, NC 28277. Withdrawals of taxable amounts are subject to ordinary income tax. Withdrawals made before age 59½ may also be subject to a 10% federal income tax penalty. Distributions of taxable amounts from a non-qualified annuity may also be subject to the 3.8% Unearned Income Medicare Contribution tax that is generally imposed on interest, dividends, and annuity income if your modified adjusted gross income exceeds the applicable threshold amount. Withdrawals will reduce the death benefit and account value.
Note Regarding Forward-Looking Statements
This news release and other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as “anticipate,” “estimate,” “expect,” “project,” “may,” “will,” “could,” “intend,” “goal,” “target,” “forecast,” “objective,” “continue,” “aim,” “plan,” “believe” and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operating and financial results, as well as statements regarding the expected benefits of the separation from MetLife, Inc. and the recapitalization actions.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of Brighthouse Financial, Inc. and its subsidiaries. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties, and other factors. Risks, uncertainties and other factors that might cause such differences include the risks, uncertainties and other factors identified in Brighthouse Financial, Inc.’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), subsequent Quarterly Reports on Form 10-Q, including in the sections thereof captioned “Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in other filings Brighthouse Financial, Inc. makes with the SEC. Brighthouse Financial, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if Brighthouse Financial, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures Brighthouse Financial, Inc. makes on related subjects in reports to the SEC.
About Brighthouse Financial
Brighthouse Financial (Nasdaq: BHF) is on a mission to help people achieve financial security. As one of the largest providers of annuities and life insurance in the U.S., we specialize in products designed to help people protect what they’ve earned and ensure it lasts. Learn more at brighthousefinancial.com.
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CONTACT: Brighthouse Financial
Tim Miller, 980-949-3121
KEYWORD: UNITED STATES NORTH AMERICA NORTH CAROLINA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE OTHER PROFESSIONAL SERVICES
SOURCE: Brighthouse Financial
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PUB: 09/20/2018 07:30 AM/DISC: 09/20/2018 07:30 AM