For individuals who are either retired or transitioning to retirement

MetLife, a provider of insurance, employee benefits and financial services, and Fidelity Investments, a provider of financial services and retirement products, have introduced a new deferred variable annuity product designed for individuals who are either retired or transitioning to retirement.

The MetLife Growth and Guaranteed Income (MGGI) variable annuity is distributed through Fidelity. MGGI allows individuals approaching or living in retirement to use a portion of their assets, either from a 401(k), 403(b), IRAii or other savings, to purchase guaranteed lifetime income for an individual.

The product provides growth potential when the market improves and downside income protection if the market declines. Individuals also retain control of their assets and can access a portion of their account value at any time during the contract.

Jon Skillman, president of Fidelity Investments Life Insurance, said: “By collaborating with MetLife, Fidelity is able to make an annuity product available to investors that combines the strength of two industry leaders. MGGI features an insurance guarantee backed by MetLife and the proven money management expertise of Fidelity, which together form a comprehensive, yet simple solution for those seeking retirement income protection, as well as upside growth potential and flexibility.”

Robert Sollmann, head of Retirement Products, MetLife, said: “At a time when millions of consumers are assessing the impact of the recent economic downturn on their portfolios, we’re very excited to join with Fidelity to offer a simple way for individuals to secure a steady stream of income in retirement — similar to what they enjoyed during their working years.”