Fidelity, MetLife team up to offer annuity

Fidelity Investments, the Boston mutual funds giants whose portfolio includes retirement savings products, said it is teaming up with the MetLife insurance company to offer "a new deferred variable annuity product designed for individuals who are either retired or transitioning to retirement."

"The MetLife Growth and Guaranteed Income(SM) (MGGI) variable annuity is distributed exclusively through Fidelity and is the only deferred variable annuity with a living benefit sold through the company," Fidelity said in a press release.

The new product "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," Jon J. Skillman, president of Fidelity Investments Life Insurance Co., said in a statement. (Globe Staff)