Da Fonseca, JosePatrick, Wong2025-06-092025-06-092025-05-20Insurance: Mathematics and Economics, ISSN: 0167-6687 (Print); 1873-5959 (Online), Elsevier, 123. doi: 10.1016/j.insmatheco.2025.1031140167-66871873-5959http://hdl.handle.net/10292/19282This paper presents the pricing of a path-dependent guaranteed minimum maturity benefit in the Wishart multidimensional stochastic volatility model and the Wishart affine stochastic correlation model. We derive a closed-form solution for the option price in these two models, requiring only the computation of a one-dimensional integration. Thanks to the remarkable analytical properties of these models, we also compute all sensitivities of the option price to the model parameters. An implementation illustrates the results, confirms that pricing is fast and accurate, and provides a framework for pricing and risk management of this product in Wishart stochastic volatility models.© 2025 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).01 Mathematical Sciences14 Economics15 Commerce, Management, Tourism and ServicesStatistics & Probability35 Commerce, management, tourism and services38 Economics49 Mathematical sciencesPath-dependent guaranteeEquity-linked annuityMulti-asset guaranteeWishart stochastic volatility modelsJournal ArticleOpenAccess10.1016/j.insmatheco.2025.103114