BELLEVUE, Wash.--(BUSINESS WIRE)--Symetra Life Insurance Company today announced that total sales of its Symetra Edge Pro® Fixed Indexed Annuity have crossed the $1 billion mark.
“A big key to our success has been our close collaboration with banks and broker-dealers — from the early stages of development to our ongoing product enhancements today.”
Introduced in April 2011 and sold through banks and broker-dealers, Edge Pro is designed to help meet the retirement planning needs of customers looking for diversification and principal protection. The product gives clients the choice of two index options — the S&P 500® Index and the S&P GSCI® Excess Return Index — and offers a fixed account option and guaranteed minimum value feature.
“Given Edge Pro’s value proposition, it has emerged as the right product at the right time for customers in an uncertain economy. We built a product that gives clients an opportunity to seek competitive returns with principal protection and no downside risk, if held with no withdrawals to the end of the surrender charge period,” said Dan Guilbert, executive vice president of Symetra’s Retirement Division. “A big key to our success has been our close collaboration with banks and broker-dealers — from the early stages of development to our ongoing product enhancements today.”
With Symetra Edge Pro’s guaranteed minimum value feature, customers who leave their money untouched through the end of the five- or seven-year surrender charge period will see growth regardless of index performance.1 If the unexpected happens, customers have multiple ways to access their money, including the ability to withdraw up to 10 percent of the contract value annually, free of surrender charge. Guaranteed lifetime income options and a nursing home and hospitalization waiver also are available.
In just over two years since launch, Symetra Edge Pro has become a core product for Symetra with a remarkable growth curve. To help sustain this growth, Symetra’s Retirement Sales team is expanding its wholesaling support in two new territories — New Jersey and northern Florida. These additions will bring to 26 the number of wholesaling territories across the country supporting Symetra retirement products.
Symetra Edge Pro is available through select banks and broker-dealers. For more information about Symetra Edge Pro, call the Symetra Retirement Sales Desk at 1-800-706-0700.
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation (NYSE: SYA), a diversified financial services company based in Bellevue, Wash. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent agents and advisors. For more information, visit www.symetra.com.
1 This is the Guaranteed Minimum Value whereby the purchase payment accumulates at the non-forfeiture rate set at the time of annuity purchase and will never be less than 1.00%.
Symetra Edge Pro Fixed Indexed Annuity is an individual single premium fixed indexed deferred annuity with a market value adjustment feature issued by Symetra Life Insurance Company, 777 108th Ave NE, Suite 1200, Bellevue, WA 98004. Contract form number is RSC-0341 11/10 for most states, and in Oregon RSC-0341/OR/NQ 11/10. Product not available in all U.S. states or any U.S. territory.
Like most annuities, Symetra Edge Pro Indexed Annuity is subject to terms and limitations for keeping it in force.
Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.
The S&P 500 Index and the S&P GSCI Excess Return Index are products of S&P Dow Jones Indices LLC (“SPDJI”) and have been licensed for use by Symetra Life Insurance Company (“SLIC”). Standard & Poor’s®, S&P® and S&P 500®, and GSCI® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), and these trademarks have been licensed for use by SPDJI and its affiliates and sublicensed for certain purposes by SLIC. The S&P GSCI Excess Return Index is not owned, endorsed or approved by or associated with Goldman Sachs & Co. or its affiliated companies. Symetra Edge Pro® Fixed Indexed Annuity is not sponsored, endorsed, sold or promoted by SPDJI, S&P, their respective affiliates or their third-party licensors, and none of SPDJI, S&P nor their respective affiliates or third party licensors make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions or interruptions of the S&P 500 Index or the S&P GSCI Excess Return Index. It is not possible to invest in an index.
The Nursing Home and Hospitalization Waiver is not available in all states.
Withdrawals may be subject to federal income taxes, and a 10% IRS early withdrawal tax penalty also may apply for amounts taken prior to age 59½. Clients should consult their attorney or tax advisor for more information.
This press release is not a complete description of the Symetra Edge Pro Fixed Indexed Annuity. Please contact your advisor or sales representative for more information.
Symetra® and Symetra Edge Pro® are registered service marks of Symetra Life Insurance Company.