Symetra Life Insurance Updates Fixed Indexed Annuities Portfolio
Symetra Life Insurance Company has unveiled updates to its fixed indexed annuities portfolio, featuring enhanced crediting strategies, improved client flexibility, and the integration of the Franklin Large Cap Value 15% ER Index. The updated annuities range—including Symetra Edge Elite, Symetra Edge Frontier, and Symetra Edge Revolution—offers clients diverse growth options tied to index performance, while ensuring principal protection.
Kevin Rabin, Symetra's Senior Vice President of Retirement Products, emphasizes the company's dedication to creating annuity products that adapt to varying economic conditions. These enhancements aim to equip financial professionals with effective tools to help clients achieve their retirement goals, regardless of market fluctuations.
Colleen Tycz from Franklin Templeton shared her enthusiasm for the partnership, highlighting the introduction of an innovative index solution. This collaboration blends Franklin Templeton's active ETF expertise with a risk-managed index structure, broadening the scope of investment applications.
A key improvement is the exclusive addition of the Franklin Large Cap Value 15% ER Index to Symetra’s fixed indexed annuities. This index employs the Putnam Focused Large Cap Value ETF (PVAL), targeting a 15% annual volatility to balance long-term growth with risk management principles.
Innovative Strategies and Client Flexibility
Symetra also introduced a trigger strategy tied to the JPMorgan Efficiente® 5 Index, enabling a rate credit whenever a positive index return is achieved by the end of the interest term. This strategy now applies to all four indexes within Symetra's fixed indexed annuities, including the Nasdaq 100® and S&P 500® Indexes.
The company has enhanced customer flexibility by allowing up to 15% of the contract value to be withdrawn annually without withdrawal charges. Additionally, clients can opt to auto-rebalance their account allocations on contract anniversaries, providing further account management convenience.
Established in 1957 and headquartered in Bellevue, Washington, Symetra Life Insurance Company operates under Symetra Financial Corporation. It offers a comprehensive suite of financial products, such as employee benefits, annuities, and life insurance, distributed nationwide through financial professionals and insurance producers. Symetra retains the right to modify indexes or crediting methods, subject to regulatory compliance requirements.