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(Adds details about annuity, Brighthouse spinoff and context)
May 15 (Reuters) - Brighthouse Financial, the consumer life insurance and annuity unit created by MetLife Inc, on Monday unveiled its first new product, a deferred annuity whose performance is tied to one of three investment indexes.
Wells Fargo Advisors, a unit of Wells Fargo & Co, will initially distribute the index annuity, known as Shield Level 10, Brighthouse said. It is part of a group of annuities that were previously sold under the MetLife name.
MetLife announced last year that it planned to spin off its Brighthouse business, which sells life insurance and annuities to individuals. The insurer is still awaiting regulatory approval for the move. MetLife will continue to focus on its U.S. employee benefits and overseas businesses, the company has said.
An annuity is an insurance product that offers investors steady income payments, typically in exchange for a lump-sum investment. Payments from an indexed annuity are tied to a percentage of the gain of an investment index that tracks equities, such as the S&P 500 Index.
The Brighthouse annuity is designed, in part, to shield customers from the first 10 percent of index loss, the company said. (Reporting by Suzanne Barlyn; Editing by Dan Grebler and Jonathan Oatis)