04/26/2024 | Press release | Distributed by Public on 04/26/2024 07:36
FORTITUDE LIFE INSURANCE & ANNUITY COMPANY
Fortitude Life Insurance & Annuity Company Variable Account B
A Fortitude Re Company
10 Exchange Place, Suite 2210, Jersey City, NJ 07302
ADVANCED SERIES ADVISOR PLAN III ("ASAP III")
ADVANCED SERIES APEX II ("APEX II")
ADVANCED SERIES XTRA CREDIT SIX ("ASXT6") OR ("XT6")
ADVANCED SERIES LIFEVEST II ("ASL II")
Updating Summary Prospectus
May 1, 2024
You should read this Updating Summary Prospectus carefully, particularly the section titled "Important Information You Should Consider About the Annuity".
An updated statutory prospectus for the Advanced Series Advisor Plan III ("ASAP III"), Advanced Series APEX II ("APEX II"), Advanced Series Xtra Credit Six ("ASXT6" or "XT6") and Advanced Series LifeVest II ("ASL II") Variable Annuity Contracts are currently available online, which contains more information about the Annuity, including its features, benefits, and risks. You can find the prospectus and other information about the contract online at www.prudential.com/regdocs/FLIAC-CORE-STAT. The Market Value Adjusted Fixed Allocation Investment Options available with these Annuities are described in a separate prospectus, Market Value Adjusted Fixed Allocation Investment Option Under Certain Variable Annuity Contracts, which can be found on our website www.prudential.com/regdocs/FLIAC-MVA1-S3. You can also obtain this information at no cost by calling 1-800-879-7012 or by sending an email request to [email protected].
This Updating Summary Prospectus incorporates by reference the "ASAP III", "APEX II", "ASXT6" and "ASL II" prospectus and Statement of Additional Information (SAI), both dated May 1, 2024, as amended or supplemented. The SAI may be obtained, free of charge, in the same manner as the prospectus.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at www.Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Updating Summary Prospectus. Any representation to the contrary is a criminal offense.
COREPROS-USP
Table of Contents
Glossary of Terms........................................................................................... |
1 |
Updated Information About Your Contract.......................................................................... |
3 |
Important Information You Should Consider About the Annuity........................................................... |
4 |
Appendix A - Portfolios Available Under the Annuity................................................................... |
9 |
GLOSSARY OF TERMS
Many terms used within this summary prospectus are described within the text where they appear. Not all the descriptions of those terms are repeated in this Glossary of Terms.
Account Value: The value of each allocation to a Sub-account (also referred to as a "variable investment option") plus any Fixed Allocation prior to the Annuity Date, increased by any earnings, and/or less any losses, distributions and charges. The Account Value is calculated before we assess any applicable Contingent Deferred Sales Charge ("CDSC" or "surrender charge") and/or, unless the Account Value is being calculated on an annuity anniversary, any fee that is deducted from the Annuity annually in arrears. The Account Value is determined separately for each Subaccount and for each Fixed Allocation, and then totaled to determine the Account Value for your entire Annuity. The Account Value of each Market Value Adjustment Fixed Allocation on any day other than its Maturity Date may be calculated using a Market Value Adjustment. With respect to XT6, the Account Value includes any Credits we applied to your Purchase Payments that we are entitled to recapture under certain circumstances. With respect to ASAP III and APEX II, the Account Value includes any Loyalty Credit we apply. With respect to Annuities with a Highest Daily Lifetime Five Income Benefit election, Account Value includes the value of any allocation to the Benefit Fixed Rate Account.
Accumulation Period: The period of time from the Issue Date through the last Valuation Day immediately preceding the Annuity Date.
Annuity Date: The date you choose for annuity payments to commence. Unless we agree otherwise, for Annuities issued on or after November 20, 2006, the Annuity Date must be no later than the first day of the calendar month coinciding with or next following the later of: (a) the oldest Owner's or Annuitant's 95th birthday and (b) the fifth anniversary of the Issue Date, whichever occurs first. With respect to Annuities issued prior to November 20, 2006, please see the section of the statutory prospectus entitled "How and When Do I Choose the Annuity Payment Option?".
Annuity Year: A 12-month period commencing on the Issue Date of the Annuity and each successive 12-month period thereafter.
Benefit Fixed Rate Account: A fixed investment option that is used only if you have elected the optional Highest Daily Lifetime Five Income Benefit. Amounts allocated to the Benefit Fixed Rate Account earn a fixed rate of interest, and are held within our general account. You may not allocate Purchase Payments to the Benefit Fixed Rate Account. Rather, Account Value is transferred to and from the Benefit Fixed Rate Account only under the pre-determined mathematical formula of the Highest Daily Lifetime Five Income Benefit.
Contingent Deferred Sales Charge (CDSC): This is a sales charge that may be deducted when you make a full or partial withdrawal under your Annuity. We refer to this as a "contingent" charge because it can be imposed only if you make a withdrawal. The charge is a percentage of each applicable Purchase Payment that is being withdrawn. The period during which a particular percentage applies is measured from the Issue Date of the Annuity. The amount and duration of the CDSC varies among ASAP III, APEX II and XT6. There is no CDSC for ASL II. See the "Fee Table" section of the statutory prospectus for details on the CDSC for each Annuity.
Credit: An amount we allocate to your Annuity's Account Value each time you make a Purchase Payment. The amount of the Credit is payable from our general account. The amount of the Credit depends on the cumulative amount of Purchase Payments you have made to your Annuity, payable as a percentage of each specific Purchase Payment.
Fixed Allocation: An investment option that offers a fixed rate of interest for a specified Guarantee Period during the Accumulation Period. Certain Fixed Allocations are subject to a Market Value Adjustment if you withdraw Account Value prior to the Fixed Allocation's maturity (Market Value Adjustment Fixed Allocation). We also offer DCA Fixed Rate Options that are used with our 6 or 12 Month Dollar Cost Averaging Program ("6 or 12 Month DCA Program"), and are not subject to any Market Value Adjustment. You may participate in a dollar cost averaging program outside of the 6 or 12 Month DCA Program, where the source of the funds to be transferred is a Fixed Allocation. We no longer offer our 6 or 12 Month DCA Program. Please see the separate prospectus covering the Market Value Adjusted Fixed Allocation Investment Option.
Guarantee Period: A period of time during the Accumulation Period where we credit a fixed rate of interest on a Fixed Allocation.
Issue Date: The effective date of your Annuity.
Market Value Adjustment: A Market Value Adjustment used in the determination of Account Value of a Market Value Adjustment Fixed Allocation on any day more than 30 days prior to the Maturity Date of such Market Value Adjustment Fixed Allocation. Please see the separate prospectus covering the Market Value Adjusted Fixed Allocation Investment Option.
Owner: With an Annuity issued as an individual annuity contract, the Owner is either an eligible entity or individual named as having ownership rights in relation to the Annuity. With an Annuity issued as a certificate under a group annuity contract, the "Owner" refers to the person or entity who has the rights and benefits designated as to the "Participant" in the certificate.
Portfolio: Any underlying mutual fund which may be selected as an investment option by the Owner. The terms "Fund" and "Portfolio" are used interchangeably. Some of the Portfolios use the term "Fund" and others use the term "Portfolio" in their respective prospectuses.
Purchase Payment: A cash consideration in currency of the United States of America given to us in exchange for the rights, privileges, and benefits of the Annuity.
Separate Account: Purchase payments allocated to the variable investment options are held by us in a Separate Account called the Fortitude Life Insurance & Annuity Company Variable Account B. The Separate Account is set apart from all our other general assets.
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Sub-account: We issue your Annuity through our Separate Account. See "What are the Separate Accounts?" under the Additional Information section of the statutory prospectus. The Separate Account invests in underlying mutual fund Portfolios. From an accounting perspective, we divide the Separate Account into a number of sections, each of which corresponds to a particular underlying mutual fund Portfolio. We refer to each such section of our Separate Account as a "Sub-account".
Valuation Day: Every day the New York Stock Exchange is open for trading or any other day the Securities and Exchange Commission requires mutual funds or unit investment trusts to be valued, not including any day: (1) trading on the NYSE is restricted; (2) an emergency, as determined by the SEC, exists making redemption or valuation of securities held in the Separate Account impractical; or (3) the SEC, by order, permits the suspension or postponement for the protection of security holders.
"We," "our," "us" or "the Company": Fortitude Life Insurance & Annuity Company.
"You" or "your": the Owner(s) shown in the Annuity.
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UPDATED INFORMATION ABOUT YOUR CONTRACT
Please see below for a summary of changes that have been made to the contract since the date of the last statutory prospectus, May 1, 2023. This may
not reflect all of the changes that have occurred since you entered into your Contract and not all changes may be applicable to you.
● | Allspring VT International Equity Fund - Class 1 was liquidated. |
● | AST Bond Portfolio 2023 was liquidated. |
● | AST Bond Portfolio 2035 is a new Portfolio. |
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Important Information You Should Consider About ASAP III |
||
Fees and Expenses |
||
Charges for Early |
If you withdraw money from the Annuity within 8 years following your Annuity Issue Date, you may be assessed a surrender charge. |
|
Transaction |
In addition to surrender charges, you may also be charged for other transactions. Charges may be applied to transfers (if more than 20 in an Annuity Year) or if state or local premium taxes are assessed. |
|
Ongoing Fees and Expenses |
The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Annuity specifications page for information about the specific fees you will pay each year based on the options you have elected. |
|
Annual Fee |
Minimum |
Maximum |
Base Contract |
0.650% in Annuity |
1.282% in Annuity |
Investment options |
0.57% |
4.09% |
Optional benefits available for an additional charge |
0.25% |
10.50% |
Because your Annuity is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Annuity, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Annuity, which could add surrender charges that substantially increase costs. |
||
Lowest Annual Cost |
Highest Annual Cost |
|
Assumes:
●
Investment of $100,000
●
5% annual appreciation
●
Least expensive Portfolio fees and
●
No optional benefits
●
No sales charges
●
No additional Purchase Payments, |
Assumes:
●
Investment of $100,000
●
5% annual appreciation
●
Most expensive combination of
●
No sales charges
●
No additional Purchase Payments, |
|
For more information on ongoing fees and expenses, please refer to the "Fee Table" section of the statutory prospectus. |
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Important Information You Should Consider About APEX II |
||
Fees and Expenses |
||
Charges for Early |
If you withdraw money from the Annuity within 4 years following your Annuity Issue Date, you may be assessed a surrender charge. The maximum surrender charge is 8.5% of the premium payment, and a surrender charge may be assessed up to 4 years after the Issue Date of your Annuity. If you make an early withdrawal, you could pay a surrender charge of up to $8,500 on a $100,000 withdrawal. |
|
Transaction |
In addition to surrender charges, you may also be charged for other transactions. Charges may be applied to transfers (if more than 20 in an Annuity Year) or if state or local premium taxes are assessed. |
|
Ongoing Fees and Expenses (annual charges) |
The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Annuity specifications page for information about the specific fees you will pay each year based on the options you have elected. |
|
Annual Fee |
Minimum |
Maximum |
Base Contract |
1.650% |
1.678% |
Investment options |
0.57% |
4.09% |
Optional benefits available for an additional charge |
0.25% |
10.50% |
Because your Annuity is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Annuity, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Annuity, which could add surrender charges that substantially increase costs. |
||
Lowest Annual Cost |
Highest Annual Cost |
|
Assumes:
●
Investment of $100,000
●
5% annual appreciation
●
Least expensive Portfolio fees and expenses
●
No optional benefits
●
No sales charges
●
No additional Purchase Payments, transfers or withdrawals |
Assumes:
●
Investment of $100,000
●
5% annual appreciation
●
Most expensive combination of optional benefits and Portfolio fees and expenses
●
No sales charges
●
No additional Purchase Payments, transfers or withdrawals |
|
For more information on ongoing fees and expenses, please refer to the "Fee Table" section of the statutory prospectus. |
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Important Information You Should Consider About XT6 |
||
Fees and Expenses |
||
Charges for Early Withdrawals |
If you withdraw money from the Annuity within 10 years following your Annuity Issue Date, you may be assessed a surrender charge. The maximum surrender charge is 9.0% of the premium payment, and a surrender charge may be assessed up to 10 years after the Issue Date of your Annuity. If you make an early withdrawal, you could pay a surrender charge of up to $9,000 on a $100,000 withdrawal. Credits may also be recaptured if you take an Early Withdrawal. |
|
Transaction Charges |
In addition to surrender charges, you may also be charged for other transactions. Charges may be applied to transfers (if more than 20 in an Annuity Year) or if state or local premium taxes are assessed. |
|
Ongoing Fees and Expenses (annual charges) |
The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Annuity specifications page for information about the specific fees you will pay each year based on the options you have elected. |
|
Annual Fee |
Minimum |
Maximum |
Base Contract |
0.679% in Annuity |
1.679% in Annuity |
Investment options |
0.57% |
4.09% |
Optional benefits available for an additional charge |
0.25% |
10.50% |
Because your Annuity is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Annuity, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Annuity, which could add surrender charges that substantially increase costs. |
||
Lowest Annual Cost |
Highest Annual Cost |
|
Assumes:
●
Investment of $100,000
●
5% annual appreciation
●
Least expensive Portfolio fees and expenses
●
No optional benefits
●
No sales charges
●
No additional Purchase Payments, transfers or withdrawals |
Assumes:
●
Investment of $100,000
●
5% annual appreciation
●
Most expensive combination of optional benefits and Portfolio fees and expenses
●
No sales charges
●
No additional Purchase Payments, transfers or withdrawals |
|
For more information on ongoing fees and expenses, please refer to the "Fee Table" section of the statutory prospectus. |
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Important Information You Should Consider About ASL II |
||
Fees and Expenses |
||
Charges for Early Withdrawals |
None. |
|
Transaction |
You may be charged for other transactions. Charges may be applied to transfers (if more than 20 in an Annuity Year) or if state or local premium taxes are assessed. |
|
Ongoing Fees and Expenses (annual charges) |
The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Annuity specifications page for information about the specific fees you will pay each year based on the options you have elected. |
|
Annual Fee |
Minimum |
Maximum |
Base Contract |
1.650% |
1.680% |
Investment options |
0.57% |
4.09% |
Optional benefits available for an additional charge |
0.25% |
10.50% |
Because your Annuity is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Annuity, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Annuity, which could add surrender charges that substantially increase costs. |
||
Lowest Annual Cost |
Highest Annual Cost |
|
Assumes:
●
Investment of $100,000
●
5% annual appreciation
●
Least expensive Portfolio fees and expenses
●
No optional benefits
●
No sales charges
●
No additional Purchase Payments, transfers or withdrawals |
Assumes:
●
Investment of $100,000
●
5% annual appreciation
●
Most expensive combination of optional benefits and Portfolio fees and expenses
●
No sales charges
●
No additional Purchase Payments, transfers or withdrawals |
|
For more information on ongoing fees and expenses, please refer to the "Fee Table" section of the statutory prospectus. |
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Risks |
|
Risk of Loss |
You can lose money by investing in the Annuity.
You can also lose value from Credits if they are recaptured by us. |
Not a Short-Term Investment |
The Annuity is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Annuity is designed to provide benefits on a long-term basis. Consequently, you should not use the Annuity as a short-term investment or savings vehicle. Because of the long-term nature of the Annuity, you should consider whether investing Purchase Payments in the Annuity is consistent with the purpose for which the investment is being considered. |
Risks Associated with Investment Options |
An investment in the Annuity is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Annuity, including the Fixed Allocations, each of which has its own unique risks. You should review the investment options before making an investment decision. The Fixed Allocations may be subject to a Market Value Adjustment, which can be negative, causing you to lose money. |
Insurance Company Risks |
An investment in the Annuity is subject to the risks related to the Company. Any obligations (including under any Fixed Allocation), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company is available upon request. Such requests can be made toll-free at 1-800-879-7012. |
Restrictions |
|
Investments |
You may make twenty (20) free transfers between investment options each Annuity Year. After the twentieth transfer in each Annuity Year, we will charge $10 for each additional transfer. |
Optional Benefits |
You may be able to obtain optional benefits, which may require additional charges. If you elect to purchase one or more optional benefits, we will deduct an additional charge on a daily, quarterly or annual basis from your Account Value allocated to the Sub-accounts. The charge for each optional benefit is deducted in addition to the insurance charge due to the increased insurance risk associated with the optional benefits. Any withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit. |
Taxes |
|
Tax Implications |
You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Annuity. There is no additional tax benefit if you purchase the Annuity through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax, and may be subject to a 10% additional tax for distributions taken prior to age 59 1/2. |
Conflicts of Interest |
|
Investment Professional Compensation |
Investment professionals may receive compensation for selling the Annuity to investors and may have a financial incentive to offer or recommend the Annuity over another investment. This compensation is paid in the form of commissions, based on your investment in the Annuity. |
Exchanges |
Some investment professionals may have a financial incentive to offer you an annuity in place of the one you already own. You should only exchange your contract if you determine after comparing the features, fees, and risks of both contracts, that it is preferable to purchase the new contract, rather than continue to own your existing contract. This Annuity is no longer sold. |
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APPENDIX A - PORTFOLIOS AVAILABLE UNDER THE ANNUITY
The following is a list of Portfolios available under the Annuity. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.prudential.com/regdocs/FLIAC-CORE-STAT. You can also request this information at no cost by calling 1-800-346-3778 or by sending an email request to [email protected]. Depending on the optional benefits you choose, you may not be able to invest in certain Portfolio Companies.
The current expenses and performance information below reflects fees and expenses of the Portfolios, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher, and performance would be lower if these other charges were included. Each Portfolio's past performance is not necessarily an indication of future performance.
Fund Type |
Portfolio Company and Advisor/Subadvisor |
Current |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Equity |
Allspring VT Discovery All Cap Growth Fund - Class 11,♦ |
0.75% |
33.50% |
13.80% |
10.68% |
Equity |
Allspring VT Small Cap Growth Fund - Class 11 |
0.92% |
4.35% |
7.95% |
6.86% |
Allocation |
AST Academic Strategies Asset Allocation Portfolio1,♦ |
1.14% |
10.21% |
5.34% |
3.67% |
Allocation |
AST Advanced Strategies Portfolio1,♦ |
0.91% |
14.48% |
7.94% |
6.33% |
Allocation |
AST Balanced Asset Allocation Portfolio1,♦ |
0.90% |
15.77% |
7.86% |
6.14% |
Fixed Income |
AST Bond Portfolio 20241,2,♦ |
0.96% |
5.71% |
2.48% |
3.21% |
Fixed Income |
AST Bond Portfolio 20251,2,♦ |
0.96% |
5.82% |
2.58% |
N/A |
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Fund Type |
Portfolio Company and Advisor/Subadvisor |
Current |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Fixed Income |
AST Bond Portfolio 20261,2,♦ |
0.96% |
5.94% |
2.07% |
N/A |
Fixed Income |
AST Bond Portfolio 20271,2,♦ |
0.96% |
5.51% |
1.71% |
N/A |
Fixed Income |
AST Bond Portfolio 20281,2,♦ |
0.91% |
5.51% |
2.09% |
N/A |
Fixed Income |
AST Bond Portfolio 20291,2,♦ |
0.96% |
5.63% |
2.05% |
N/A |
Fixed Income |
AST Bond Portfolio 20301,2,♦ |
0.96% |
5.38% |
N/A |
N/A |
Fixed Income |
AST Bond Portfolio 20311,2,♦ |
0.92% |
5.37% |
N/A |
N/A |
Fixed Income |
AST Bond Portfolio 20321,2,♦ |
0.88% |
5.16% |
N/A |
N/A |
Fixed Income |
AST Bond Portfolio 20331,2,♦ |
0.96% |
4.65% |
N/A |
N/A |
Fixed Income |
AST Bond Portfolio 20341,2,♦ |
0.96% |
N/A |
N/A |
N/A |
Fixed Income |
AST Bond Portfolio 20351,2,♦ |
0.81% |
N/A |
N/A |
N/A |
Allocation |
AST Capital Growth Asset Allocation Portfolio1,♦ |
0.90% |
18.09% |
9.74% |
7.30% |
Equity |
AST ClearBridge Dividend Growth Portfolio1 |
0.96% |
14.32% |
12.91% |
10.05% |
Equity |
AST Cohen & Steers Realty Portfolio1 |
1.12% |
12.08% |
8.79% |
8.29% |
Fixed Income |
AST Core Fixed Income Portfolio1 |
0.72% |
6.35% |
1.11% |
2.28% |
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Fund Type |
Portfolio Company and Advisor/Subadvisor |
Current |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Equity |
AST Emerging Markets Equity Portfolio1 |
1.43% |
12.31% |
0.77% |
0.07% |
Fixed Income |
AST Global Bond Portfolio1 |
1.01% |
6.29% |
0.56% |
N/A |
Fixed Income |
AST Government Money Market Portfolio1 |
0.57% |
4.62% |
1.54% |
0.93% |
Fixed Income |
AST High Yield Portfolio1 |
0.94% |
10.56% |
4.24% |
4.00% |
Equity |
AST International Equity Portfolio1 |
1.06% |
17.75% |
10.39% |
6.08% |
Fixed Income |
AST Investment Grade Bond Portfolio1,3,♦ |
0.69% |
6.49% |
3.07% |
3.13% |
Allocation |
AST J.P. Morgan Global Thematic Portfolio1 |
1.04% |
13.88% |
7.51% |
5.59% |
Allocation |
AST J.P. Morgan Tactical Preservation Portfolio1 |
1.03% |
10.35% |
5.08% |
4.07% |
Equity |
AST Large-Cap Core Portfolio1 |
0.90% |
23.10% |
12.69% |
10.27% |
Equity |
AST Large-Cap Growth Portfolio1,♦ |
0.93% |
43.63% |
15.03% |
13.40% |
Equity |
AST Large-Cap Value Portfolio1 |
0.84% |
9.75% |
13.37% |
9.19% |
Equity |
AST MFS Global Equity Portfolio1 |
1.12% |
14.02% |
10.15% |
7.11% |
Equity |
AST Mid-Cap Growth Portfolio1 |
1.12% |
21.94% |
10.31% |
7.82% |
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Fund Type |
Portfolio Company and Advisor/Subadvisor |
Current |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Equity |
AST Mid-Cap Value Portfolio1 |
1.02% |
12.08% |
10.42% |
7.12% |
Allocation |
AST Preservation Asset Allocation Portfolio1,♦ |
0.92% |
11.78% |
4.63% |
4.14% |
Allocation |
AST Prudential Growth Allocation Portfolio1 |
0.89% |
18.06% |
7.27% |
6.17% |
Allocation |
AST Quantitative Modeling Portfolio1,♦ |
1.02% |
17.47% |
8.30% |
6.44% |
Equity |
AST Small-Cap Growth Portfolio1 |
1.00% |
17.10% |
11.35% |
8.58% |
Equity |
AST Small-Cap Value Portfolio1 |
1.01% |
13.75% |
9.79% |
6.34% |
Allocation |
AST T. Rowe Price Asset Allocation Portfolio1 |
0.89% |
16.86% |
8.37% |
6.40% |
Equity |
AST T. Rowe Price Natural Resources Portfolio1 |
1.06% |
1.35% |
8.75% |
2.58% |
Equity |
Invesco V.I. Discovery Mid Cap Growth Fund - Series I shares1,‡ |
0.87% |
13.15% |
12.77% |
9.79% |
Equity |
Invesco V.I. Diversified Dividend Fund - Series I shares1 |
0.68% |
9.05% |
9.81% |
7.80% |
Equity |
Invesco V.I. Health Care Fund - Series I shares1 |
0.98% |
3.02% |
8.75% |
6.87% |
Equity |
Invesco V.I. Technology Fund - Series I shares‡ |
0.98% |
46.94% |
14.92% |
12.24% |
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Fund Type |
Portfolio Company and Advisor/Subadvisor |
Current |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Equity |
NVIT Emerging Markets Fund Class D1,♦ |
1.38% |
3.80% |
-0.08% |
-0.22% |
Fixed Income |
ProFund Access VP High Yield♦,‡ |
1.68% |
10.43% |
2.74% |
2.91% |
Equity |
ProFund VP Asia 301,♦ |
1.68% |
4.32% |
1.92% |
0.66% |
Equity |
ProFund VP Banks1,♦ |
1.68% |
10.39% |
6.53% |
6.05% |
Equity |
ProFund VP Bear1,♦ |
1.68% |
-15.27% |
-15.58% |
-12.62% |
Equity |
ProFund VP Biotechnology♦ |
1.68% |
10.14% |
9.59% |
7.42% |
Equity |
ProFund VP Bull1,♦ |
1.68% |
23.74% |
13.41% |
9.84% |
Equity |
ProFund VP Communication Services1,♦ |
1.68% |
31.82% |
7.80% |
4.15% |
Equity |
ProFund VP Consumer Discretionary1,♦ |
1.68% |
32.05% |
9.78% |
8.82% |
Equity |
ProFund VP Consumer Staples1,♦ |
1.68% |
3.92% |
9.20% |
6.11% |
Equity |
ProFund VP Energy1,♦ |
1.68% |
-2.49% |
10.93% |
0.96% |
Equity |
ProFund VP Europe 301,♦ |
1.68% |
17.47% |
7.60% |
2.67% |
Equity |
ProFund VP Financials1,♦ |
1.68% |
13.88% |
9.98% |
8.13% |
Equity |
ProFund VP Health Care1,♦ |
1.68% |
0.82% |
9.48% |
9.49% |
Equity |
ProFund VP Industrials1,♦ |
1.68% |
16.30% |
11.72% |
8.34% |
Equity |
ProFund VP Internet♦ |
1.68% |
49.85% |
8.64% |
10.74% |
Equity |
ProFund VP Japan1,♦ |
1.68% |
34.51% |
11.86% |
7.23% |
Equity |
ProFund VP Large-Cap Growth1,♦ |
1.68% |
27.86% |
14.21% |
11.39% |
Equity |
ProFund VP Large-Cap Value1,♦ |
1.68% |
20.09% |
12.27% |
8.19% |
Equity |
ProFund VP Materials1,♦ |
1.68% |
12.38% |
11.96% |
6.33% |
Equity |
ProFund VP Mid-Cap Growth1,♦ |
1.68% |
15.56% |
10.09% |
7.28% |
Updating Summary Prospectus 13
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Fund Type |
Portfolio Company and Advisor/Subadvisor |
Current |
Average Annual Total Returns |
||
1 Year |
5 Year |
10 Year |
|||
Equity |
ProFund VP Mid-Cap Value1,♦ |
1.68% |
13.45% |
11.12% |
7.41% |
Equity |
ProFund VP NASDAQ-1001,♦ |
1.68% |
52.17% |
20.09% |
15.51% |
Equity |
ProFund VP Pharmaceuticals1,♦ |
1.68% |
-5.49% |
4.83% |
4.63% |
Equity |
ProFund VP Precious Metals1,♦ |
1.68% |
1.48% |
8.30% |
0.78% |
Equity |
ProFund VP Real Estate1,♦ |
1.68% |
9.73% |
5.58% |
5.89% |
Equity |
ProFund VP Rising Rates Opportunity1,♦ |
1.68% |
1.75% |
-0.50% |
-5.26% |
Equity |
ProFund VP Semiconductor♦ |
1.68% |
93.66% |
31.28% |
22.99% |
Equity |
ProFund VP Short Mid-Cap♦ |
1.68% |
-9.35% |
-15.32% |
-11.87% |
Equity |
ProFund VP Short NASDAQ-1001,♦ |
1.68% |
-32.40% |
-22.40% |
-18.53% |
Equity |
ProFund VP Short Small-Cap♦ |
1.68% |
-10.88% |
-14.46% |
-11.16% |
Equity |
ProFund VP Small-Cap Growth1,♦ |
1.68% |
15.19% |
8.56% |
7.15% |
Equity |
ProFund VP Small-Cap Value1,♦ |
1.68% |
12.94% |
9.51% |
6.36% |
Equity |
ProFund VP Technology1,♦ |
1.67% |
57.95% |
23.56% |
17.85% |
Fixed Income |
ProFund VP U.S. Government Plus1,♦ |
1.38% |
0.04% |
-5.01% |
0.27% |
Equity |
ProFund VP UltraBull♦ |
1.68% |
45.23% |
21.83% |
16.33% |
Equity |
ProFund VP UltraMid-Cap1,♦ |
1.68% |
22.21% |
13.59% |
9.93% |
Equity |
ProFund VP UltraNASDAQ-100♦ |
1.68% |
115.46% |
33.86% |
27.05% |
Allocation |
ProFund VP UltraSmall-Cap♦ |
1.68% |
22.43% |
7.83% |
5.49% |
Equity |
ProFund VP Utilities1,♦ |
1.68% |
-8.59% |
4.76% |
6.89% |
The additional information below may be applicable to the Portfolios listed in the above table: |
PGIM Fixed Income is a business unit of PGIM, Inc. |
PGIM Investments LLC manages each of the Portfolios of The Prudential Series Fund (PSF). |
PGIM Investments LLC manages each of the Portfolios of the Advanced Series Trust (AST). AST Investment Services, Inc. serves as co-manager, along with PGIM Investments LLC, to many of the Portfolios of AST. |
PGIM Real Estate is a business unit of PGIM, Inc. |
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1. | These Portfolios are also offered in other variable annuity contracts that utilize a predetermined mathematical formula to manage the guarantees offered in connection with optional benefits. |
Those other variable annuity contracts offer certain optional living benefits that utilize a predetermined mathematical formula (the "formula") to manage the guarantees offered in connection with those optional benefits. The formula monitors each contract Owner's Account Value daily and, if necessary, will systematically transfer amounts among investment options. The formula transfers funds between the Sub-accounts for those variable annuity contracts and an AST bond Portfolio Sub-account or a fixed account (those AST bond Portfolios or a fixed account may not be available in connection with the annuity contracts offered through this prospectus). You should be aware that the operation of the formula in those other variable annuity contracts may result in large-scale asset flows into and out of the underlying Portfolios that are available with your contract. These asset flows could adversely impact the underlying Portfolios, including their risk profile, expenses and performance. Because transfers between the Sub-accounts and the AST bond Sub-account or a fixed account can be frequent and the amount transferred can vary from day to day, any of the underlying Portfolios could experience the following effects, among others: |
(a) | a Portfolio's investment performance could be adversely affected by requiring a subadvisor to purchase and sell securities at inopportune times or by otherwise limiting the subadvisor's ability to fully implement the Portfolio's investment strategy; |
(b) | the subadvisor may be required to hold a larger portion of assets in highly liquid securities than it otherwise would hold, which could adversely affect performance if the highly liquid securities underperform other securities (e.g., equities) that otherwise would have been held; and |
(c) | a Portfolio may experience higher turnover and greater negative asset flows than it would have experienced without the formula, which could result in higher operating expense ratios and higher transaction costs for the Portfolio compared to other similar funds. |
The efficient operation of the asset flows among Portfolios triggered by the formula depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended. For example, it is possible that illiquid markets or other market stress could cause delays in the transfer of cash from one Portfolio to another Portfolio, which in turn could adversely impact performance. |
Before you allocate to the Sub-account with the AST Portfolios listed above, you should consider the potential effects on the Portfolios that are the result of the operation of the formula in the variable annuity contracts that are unrelated to your Variable Annuity. Please work with your financial professional to determine which Portfolios are appropriate for your needs. |
2. | Please note that you may not allocate Purchase Payments to the target date bond Portfolios (e.g., AST Bond Portfolio 2025). |
3. | The AST Investment Grade Bond variable Investment Option is not available for allocation of Purchase Payments or contract Owner transfers. |
♦ | This information includes annual expenses that reflect temporary or other fee reductions or waivers. Please see the Portfolio prospectus for additional information. |
‡ |
The additional information below may be applicable to the Portfolios listed in the above table:Invesco V.I. Discovery Mid Cap Growth Fund - Series I shares Effective May 1, 2020 was closed to all new investments except those made by contract Owners who had account value in the Portfolio on the effective date or at any time prior to the effective date. |
Invesco V.I. Technology Fund - Series I shares Effective May 1, 2022 was closed to all new investments except those made by contract Owners who had account value in the Portfolio on the effective date or at any time prior to the effective date. |
ProFund Access VP High Yield Effective April 26, 2021 was closed to all new investments except those made by contract Owners who had account value in the Portfolio on the effective date or at any time prior to the effective date. |
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Stipulated Investment Options if you Elect Certain Optional Benefits
Depending on the optional benefits you choose, you may not be able to invest in certain Portfolio Companies. Broadly speaking, we offer two groups of "Permitted Sub-accounts". Under the first group (Group I), your allowable investment options are more limited, but you are not subject to mandatory quarterly re-balancing. Under the second group (Group II), you may allocate your Account Value between a broader range of investment options, but must participate in quarterly re-balancing. The set of tables immediately below describes the first category of permitted Investment Options.
While those who do not participate in any optional benefit generally may invest in any of the investment options described in the prospectus, only those who participate in the optional benefits listed in Group II below may participate in the second category (along with its attendant re-balancing requirement). This second category is called our "Custom Portfolios Program" (we may have referred to the "Custom Portfolios Program" as the "Optional Allocation and Rebalancing Program" in other materials). If you participate in the Custom Portfolios Program, you may not participate in an Automatic Rebalancing Program. We may modify or terminate the Custom Portfolios Program at any time. Any such modification or termination will (i) be implemented only after we have notified you in advance, (ii) not affect the guarantees you had accrued under the optional benefit or your ability to continue to participate in those optional benefits, and (iii) not require you to transfer Account Value out of any Portfolio in which you participated immediately prior to the modification or termination.
Group I: Allowable Benefit Allocations |
|
Optional Benefit Name* |
Allowable Benefit Allocations: |
GRO Plus II |
AST Academic Strategies Asset Allocation Portfolio |
Optional Benefit Name* |
Allowable Benefit Allocations: |
Combo 5% Rollup & HAV Death Benefit |
Invesco V.I. Technology - Series I shares |
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Optional Benefit Name* |
Allowable Benefit Allocations: |
GRO PLUS 2008 |
AST Quantitative Modeling Portfolio |
Optional Benefit Name* |
Allowable Benefit Allocations: |
GRO/ GRO PLUS |
AST Quantitative Modeling Portfolio |
* | Detailed Information regarding these optional benefits can be found in the "Optional Living Benefits" and "Death Benefit" sections of this Prospectus. |
The following set of tables describes the second category (i.e., Group II below), under which:
(a) | you must allocate at least 20% of your Account Value to certain fixed income Portfolios (currently, the AST Core Fixed Income Portfolio, and/or AST Global Bond Portfolio). |
(b) | you may allocate up to 80% in equity and other Portfolios listed in the table below. |
(c) | on each benefit quarter (or the next Valuation Day, if the quarter-end is not a Valuation Day), we will automatically re-balance your Account Value, so that the percentages devoted to each Portfolio remain the same as those in effect on the immediately preceding quarter-end, subject to the predetermined mathematical formula inherent in any applicable optional benefit. Note that on the first quarter-end following your participation in the Custom Portfolios Programs (we may have referred to the "Custom Portfolios Program" as the "Optional Allocation and Rebalancing Program" in other materials), we will re-balance your Account Value so that the percentages devoted to each Portfolio remain the same as those in effect when you began the Custom Portfolios Program. |
(d) | between quarter-ends, you may re-allocate your Account Value among the investment options permitted within this category. If you reallocate, the next quarterly rebalancing will restore the percentages to those of your most recent reallocation. |
(e) | if you are already participating in the Custom Portfolios Program (we may have referred to the "Custom Portfolios Program" as the "Optional Allocation and Rebalancing Program" in other materials) and add a new benefit that also participates in this program, your rebalancing date will continue to be based upon the quarterly anniversary of your initial benefit election. |
Group II: Custom Portfolios Program (we may have referred to the "Custom Portfolios Program" as the "Optional Allocation and Rebalancing Program" in other materials)
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Group II: Allowable Benefit Allocations |
|
Optional Benefit Name* |
Allowable Benefit Allocations: |
Highest Daily Lifetime Seven |
AST Academic Strategies Asset Allocation Portfolio |
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The following additional Portfolios are available subject to certain restrictions:
ProFund VP*,** |
|
ProFund Access VP High Yield |
* | Detailed Information regarding these optional benefits can be found in the "Optional Living Benefits" and "Death Benefit" sections of this Prospectus. |
** | For ASAP III, XT6, and ASL II Annuities issued beginning on May 26, 2008, we limit the Owner's ability to invest in the ProFund VP Portfolios. Specifically: |
● |
We will not permit those who acquire an ASAP III, XT6, or ASL II Annuity on or after May 26, 2008 (including beneficiaries who acquire such an Annuity under the Beneficiary Continuation Option) to invest in any ProFund VP Portfolio; and |
● |
Those who acquired an ASAP III, XT6, or ASL II Annuity prior to May 26, 2008 may invest in any ProFund VP Portfolio without being subject to the above restrictions; and |
● |
Those who currently hold an APEX II Annuity, or who acquired an APEX II Annuity after May 26, 2008, may invest in any ProFund VP Portfolio (except that beneficiaries who acquire an APEX II Annuity on or after May 26, 2008 under the Beneficiary Continuation Option may not invest in any ProFund VP Portfolio). |
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10 Exchange Place
Suite 2210
Jersey City, New Jersey 07302
Edgar Contract Identifier: |
|
ASAP III: C000003474 |
|
APEX II: C000003486 |
|
XT6: C000003488 |
|
ASL II: C000003487 |
COREPROS-USP |
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