Symetra and Athene Add Indexed Annuity Products
Both companies have journeyed beyond the S&P 500 index quadrant.
Symetra Life Insurance Company has introduced a new indexed annuity with an index menu that extends beyond plain vanilla S&P 500 index options.
Another carrier, Athene USA, has gone beyond the S&P 500 zone by adding index options to annuities that are already on the market.
(Related: Transamerica Adds ICE Data Indices Index to New Annuity)
Symetra — a Bellevue, Washington-based company that’s owned by Sumitomo Life — has added the Symetra Trek contract.
The product is an individual, single-premium deferred annuity that’s registered with the U.S. Securities and Exchange Commission as a variable product. That contract’s list of index-linked interest options includes the PIMCO Equity Fusion Index.
Athene USA — a West Des Moines, Iowa-based unit of Athene Holding Ltd. of Bermuda — has worked with Annexus, an indexed annuity designer, to add new indices to the existing Athene BCA indexed annuity family.
Athene USA will sell new Athene BCA 2.0 annuities that offer access to the Shiller Barclays Global Index and the Wisdom Tree Siegel Strategic Value Index. Both index options could appeal to purchasers who prefer to link asset growth to the performance of companies that look as if their stock is underpriced.
Athene USA has also introduced a new annuity, the Athene Velocity indexed annuity contract. The Athene Velocity contract comes with a built-in income rider, Athene USA says.
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