Corebridge Financial has announced the launch of the Invesco New Economy Index, an exclusive offering within its Power Select Index Annuities designed to provide exposure to innovative market sectors, including cryptocurrency.
The Invesco New Economy Index, developed by asset management firm Invesco, aims to achieve risk-adjusted returns through dynamic allocations to two exchange-traded products: the Invesco QQQ ETF and the Invesco Galaxy Bitcoin ETF. The Invesco QQQ ETF tracks the Nasdaq-100 Index, which comprises the 100 largest non-financial companies on the Nasdaq Stock Exchange, offering exposure to companies involved in augmented reality, cloud computing, big data, mobile payments, streaming services, and electric vehicles. The Invesco Galaxy Bitcoin ETF provides a way to gain exposure to the spot price of bitcoin. This new index is exclusively available in Power Select Index Annuities, distributed by Market Synergy Group, a network of independent marketing organizations.
Bryan Pinsky, President of Individual Retirement and Life Insurance at Corebridge Financial, stated, “Corebridge Financial has long brought innovation and advancement to the annuity industry, and we are excited to do so again in partnership with Invesco and Market Synergy Group. We look forward to delivering this opportunity to our partners and their clients – a compelling combination of growth potential from new economic drivers alongside the principal protection and protected lifetime income that are fundamental to index annuities.”
Peter Miller, Head of Client Investment Solutions, North America, at Invesco, noted, “Invesco is proud to bring together two of its most high demand investment capabilities in the Invesco New Economy Index, a tailored investment solution for Corebridge Financial. The dual allocation to Nasdaq-100 companies and spot bitcoin is another example of the innovative solutions Invesco can provide insurance companies looking to stay ahead of client demand.”
Lance Sparks, President of Market Synergy Group, added, “We are pleased to provide our financial professionals with this innovative new way to gain exposure to technology and cryptocurrency. Bitcoin’s market capitalization is nearly $2 trillion, but many of our clients are seeking a lower risk alternative to adding direct exposure to cryptocurrency to their investment portfolios. Index annuities remain a powerful tool offering growth potential, principal protection and guaranteed income, and the Invesco New Economy Index resets what’s possible for how index annuities can achieve that growth.”
The Power Select Index Annuities are issued by American General Life Insurance Company (AGL), a member company of Corebridge Financial, Inc. These annuities offer tax deferral, principal protection against market downturns, growth potential through various index interest accounts, and guaranteed lifetime income options for retirement planning. Guarantees are backed by the claims-paying ability of AGL. Index annuities are long-term insurance products, not direct investments in the stock market, and provide interest potential based on index performance without premium loss risk due to market fluctuations. They may not be suitable for all individuals, and withdrawals may incur federal and/or state income taxes, with an additional 10% federal tax potentially applying to withdrawals before age 59½. Individuals should consult a tax advisor regarding their specific situation. This information is for educational purposes only and not financial, legal, fiduciary, accounting, or tax advice. Annuities and riders vary by state and are not available in all states; this material is not intended for use in Idaho or New York.
