Prudential Financial announced that sales of its first indexed variable annuity (IVA) have crossed the US$1 billion threshold after only launching the product earlier this year.

The FlexGuard IVA, aimed at investors seeking market exposure with downside protection to accelerate the performance of their retirement assets in the long-term, is now the fastest selling annuity product of its kind, according to the Secure Retirement Institute (SRI). The commission-based version debuted in May of this year is just the first launch as the life insurance firm aims at rolling out a fee-based alternative for the advisory space in 2021. The value proposition and the early succes

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