October 24, 2023

2023

Corebridge Financial is excited to introduce a new S&P 500 Index — Annual Point-to-Point with Performance Triggered strategy to the line-up of index account options available on our Power 5 Protector, Power 7 Protector, Power 7 Protector Plus Income, Power 10 Protector and Power 10 Protector Plus Income Index Annuity products, effective effective November 6, 2023.

What is a performance triggered index interest strategy and how does it work?

The performance triggered strategy is like our other index strategies in that there is no threat of market-based losses due to negative index performance. How the strategy differs is that a Declared Index Interest Percentage is declared at the start of each index term and credited if the index return is equal to or greater than the Minimum Change in Index Value (the performance triggered). Here’s how it works:

Interest is based in part on the performance of an index
The change in the value of the index is calculated between the beginning and end of the strategy term
So long as the performance of the index is greater than or equal to zero, the declared interest rate, sometimes called the Triggered Rate, will be credited for that strategy term. If the index performance is negative, then no interest will be credited.
- Triggered Rates are declared in advance and are guaranteed for the strategy term but may change for future strategy terms.

No new NAIC Product Training is required for existing agents

Financial professionals who have taken the Power Series product training previously are not required to retake the training. Of course, any agents who have not taken the NAIC product-specific training for Power Series must complete that course prior to submitting index annuity business to Corebridge Financial. The product training will be available prior to launch.

Transition Rules

The new index crediting strategy is available to all policyholders with an application signed on or after November 6, 2023. If the application was signed prior to November 6, 2023 and the contract is issued on or after November 6, 2023, the new strategy will become available on the first contract anniversary. However, if you have pending business not issued prior to November 6, 2023 and your client wants to utilize the new interest crediting strategy launched on November 6, 2023, please:

Submit a new application with a new signature date; or write-in the new strategy name (client’s initials and re-dated signature are required); and
Submit new Owner Acknowledgment & Disclosure Statement Attestation page that is signed and dated on or after November 6, 2023.