Chris Blunt believes that registered index-linked annuities can do higher than dominating the annuity market.
Blunt is the chief govt officer of F&G Annuities and Life, which launched its first RILA product, the F&G Confidence Builder annuity, final week.
Opponents generated $47 billion in RILA gross sales in 2023.
That’s’ “simply scratching the floor,” Blunt advised securities analysts Thursday throughout a convention name. “This can be a product that now begins to compete very actively with mutual funds, which, as you already know, is a $1 trillion market. So, we’re actually psyched about it.”
What it means: Possibly extra of your purchasers’ mutual fund property will movement into RILAs.
The earnings: F&G held the convention name to go over earnings for the fourth quarter of 2023.
The Des Moines, Iowa-based firm reported a $299 million web loss for the quarter on $1.6 billion in income, in contrast with a $176 million web loss on $627 million in income for the year-earlier quarter.
Adjusted web earnings, which exclude the consequences of estimates modifications within the worth of by-product, investments and advantages guarantees, fell to $75 million, from $130 million.
Total gross sales elevated to $4.1 billion, from $2.7 billion.