MetLife Inc., a provider of insurance, annuities and employee benefit programs, and Fidelity Investments, a provider of financial services and retirement products, announced first year sales for the MetLife Growth and Guaranteed Income variable annuity totaling more than $1 billion.

The MGGI solution is a straightforward, deferred variable annuity with a living benefit launched in November 2009, exclusively distributed by Fidelity, that achieved sales of more than $1 billion in its first 12 months, Fidelity says. MGGI is the only deferred variable annuity with a living benefit currently distributed through Fidelity, the company says, adding that it allows individuals approaching or living in retirement to use a portion of their retirement assets, particularly from a 401(k), 403(b), IRA or other savings account, to provide a guaranteed lifetime income stream for an individual or for his or her spouse.

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