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23 November 2023   9 min read

MetLife partners with Generation Life to launch investment-linked lifetime annuity proposition

23 November 2023 • 9 min read

MetLife Australia and Generation Life have announced a new strategic alliance to provide an investment-linked lifetime annuity product to provide additional long-term security to superannuation fund partners and their members.

This relationship will leverage MetLife’s scale and distribution reach in the superannuation channel, combined with the product and administration capability of Generation Life.

An ageing population means there are 670,000 people planning to retire in the next 5 years¹. People are also living longer and experiencing healthier lives compared to previous generations². These factors are leading to uncertainty around how much a person can spend during retirement, as well as how long retirement savings need to last.

MetLife research³ shows 69% of people aged between 40-60 years are concerned about outliving their retirement savings and that half (50%) of all people surveyed don’t have a retirement plan. Without appropriate retirement planning, people risk outliving their retirement savings or living too conservatively and not making full use of the funds they have available.

Superannuation funds can play an important role with 70% of people saying they trust their fund to help them make informed decisions around their retirement savings⁴.

MetLife, Head of Group Product, Renee Voutt said:

“Superannuation fund members are seeking more options when managing their retirement income. With so many Australians currently considering this phase of their lives, there is demand for a product that helps people plan for their retirement and manage their financial future with confidence.”

An investment-linked annuity product can address longevity risk by supplementing existing superannuation fund account-based pension products to deliver optimal outcomes for members in retirement. This can provide them with confidence and security when drawing down from their superannuation assets over the long term.

Generation Life, General Manager of Retirement Solutions, Patrick Clarke said:

“Retirement is an emotional journey—as much as it is a financial one. This transition from saving to spending in retirement can be daunting. Lifetime annuities offer superannuation fund members an investment-linked source of regular retirement income for life, giving them financial confidence to be able to make the most of their retirement years.”


About MetLife

MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing direct insurance programs for partners’ customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since 2005. For more information, visit

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe, and the Middle East. For more information, visit


About Generation Life

As the pioneer of Australia’s first truly flexible investment bond, Generation Life has been at the forefront of providing innovative tax-effective investment solutions since 2004. In 2022, Generation Life launched its award winning innovative LifeIncome product that enables Australians to focus on enjoying retirement with the confidence of an income guaranteed for life. Over $2.8 billion has been invested with Generation Life to date.


Media enquiries:

MetLife: Sarah Kelly, 0411 893 890,

Generation Life: Kit Tong, 0439 419 888,




¹ Retirement and Retirement Intentions, Australia, 2020-21 financial year | Australian Bureau of Statistics (

² Intergenerational Report 2023, Australia’s future to 2063, Australian Government   

³ MetLife Australia Retirement Study 2023

⁴ MetLife Australia Retirement Study 2023