BOSTON & BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company today announced the launch of two fixed indexed annuities that feature a new custom index from Putnam Investments — the Putnam Dynamic Low Volatility Excess Return Index^™. The index is Putnam’s first for a fixed indexed annuity and exclusive to the Symetra Stride Fixed Indexed Annuity and Symetra Edge Elite^℠ Fixed Indexed Annuity.

“At Symetra, we are always looking for ways to refine our annuity product suite to meet the needs of our distribution partners and retirement customers in a dynamic environment. Fixed indexed annuities continue to offer the principal protection and growth potential many pre-retirees and retirement customers are looking for in today’s volatile market conditions. We are very pleased to have the opportunity to work with Putnam on their first FIA partnership and to exclusively offer this compelling new index,” said Andrew Farrell, senior vice president, Retirement Distribution.

Both Symetra Stride and Symetra Edge Elite offer growth potential based on three indexes, including the new Putnam Dynamic Low Volatility Excess Return Index, which pursues attractive returns with a focus on controlling volatility and protecting against downside risk. The index combines three asset classes: low-risk U.S. stocks, U.S. Treasury bonds and cash. The index follows a rules-based methodology and dynamically adjusts allocations to stocks, bonds, and cash to manage risk, seeking a consistent volatility level of 5 percent.

“We are excited to bring our Putnam Global Asset Allocation capabilities to bear in these two fixed indexed annuities to help clients as they plan for and enter their retirement years,” said Scott Sipple, Head of Putnam Retail Management. “Symetra is a well-regarded leader in this area and we are pleased to partner with them on these dynamic new offerings for the marketplace.”

Developed for independent financial professionals and insurance producers, Symetra Stride with Signature Withdrawal Benefit^℠ offers growth potential and guaranteed income.

• Upside potential based on three indexes — the Putnam Dynamic Low Volatility Excess Return Index^™, the JPMorgan ETF Efficiente^® 5 Index, and the S&P 500^® Index — including one and two-year participation rate strategies.
• Guaranteed lifetime income is available through Signature Withdrawal Benefit^℠, an optional guaranteed lifetime withdrawal benefit (GLWB) rider that may be elected by those aged 50 and older at the time of purchase, for an additional charge.
• Flexibility—Ability to change the amount of lifetime withdrawal at any time, plus required minimum distribution-friendly treatment.

Available through select broker-dealers, Symetra Edge Elite offers growth potential plus principal protection and tax deferral.

• Upside potential based on three indexes — the Putnam Dynamic Low Volatility Excess Return Index^™, the JPMorgan ETF Efficiente^® 5 Index, and the S&P 500^® Index — including one and two-year participation rate strategies.
• Principal protection—Clients will not lose money due to market declines since they are not invested in the market.
• Tax deferral—Clients won’t pay income taxes on any credited interest until they actually take out money in the form of a withdrawal or annuity payments. They may be in a lower tax bracket at that time, which can help them keep more of what they earned.

Symetra Stride has a 10-year withdrawal charge schedule, while Edge Elite offers five- and seven-year withdrawal charge periods.

For more information about Symetra Stride or Symetra Edge Elite, visit https://www.symetra.com/globalassets/Catalog/FAM—1561.1.pdf/ and https://www.symetra.com/globalassets/Catalog/FAM—1565.1.pdf/.

About Symetra

Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. For more information, visit www.symetra.com.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with over 80 years of investment experience. At the end of June 2020, Putnam had $169 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

Symetra Stride and Edge Elite are individual single-premium fixed indexed deferred annuities issued by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004. Contract form number is ICC19_RC1 in most states.

Products, rider, endorsements, features, terms and conditions may vary by state and may not be available in all U.S. states or any U.S. territory. This is not a complete description of Symetra Stride and Edge Elite Fixed Indexed Annuities.

This press release is not a recommendation to purchase a product. Important information for Symetra Stride and Edge Elite can be found by visiting https://www.symetra.com/globalassets/Catalog/FAM—1561.1.pdf/ and https://www.symetra.com/globalassets/Catalog/FAM—1565.1.pdf/.

Guarantees and benefits are subject to the claims-paying ability of Symetra Life Insurance Company.

Withdrawals may be subject to federal income taxes, and a 10% IRS early withdrawal tax penalty may also apply for amounts taken prior to age 59½.

Symetra® is a registered service mark of Symetra Life Insurance Company. Symetra Withdrawal Benefit^℠ and Edge Elite^℠ are service marks of Symetra Life Insurance Company.