Pacific Life Launches Registered Index-Linked Annuity in New York
Pacific Life & Annuity Company has officially entered the registered index-linked annuity (RILA) market in New York with the launch of Pacific Protective Growth NY. This innovative product provides an investment strategy that tracks market indexes while offering downside protection. It features traditional cap rate crediting strategies and various options to meet different client objectives and risk tolerances. Nick Weber, Vice President of Annuity Product Development at Pacific Life, discussed their strategic focus on tailoring products specifically for the New York market, leveraging insights from a national product introduced in 2024.
The RILA market is experiencing remarkable growth, with reports indicating double-digit expansion influenced by distribution channels such as independent and regional broker/dealers, career agents, and banks. According to LIMRA, RILA sales are expected to surpass $60 billion by 2026. Pacific Protective Growth NY aims to enhance the investment landscape for New York clients, combining market growth opportunities with robust risk management strategies.
This annuity product features four major indexes, granting clients the flexibility to diversify their investments across different markets. It includes innovative strategies like the Tiered Participation Rate with a Cap Rate, facilitating index performance acceleration, and the Performance Mix strategy, which constructs a weighted index average. These strategies empower clients to tailor choices based on their preferred exposure levels and anticipated market performance.
Pacific Life is committed to supporting financial professionals with tools designed to customize features in line with individual client goals and risk profiles. This includes an online design tool and digital performance notifications to assist in shaping future investment strategies. Kevin Kennedy, Chief Sales and Marketing Officer for Consumer Markets at Pacific Life, expressed excitement about engaging in the New York RILA market, highlighting how the company’s esteemed reputation and strong financial ratings benefit their clients.
With almost 160 years of operation, Pacific Life offers a comprehensive range of products and services strategically tailored to both retail and institutional markets. Their offerings are designed to secure financial futures and protect assets, reflecting an enduring commitment to delivering value and financial security through life insurance, annuities, and mutual funds.
Potential investors are encouraged to thoroughly review the product prospectus or summary prospectus to understand detailed features, risks, charges, and expenses before making investment decisions. This information is accessible via financial professionals or directly on the Pacific Life website.