WINDSOR, Conn., Feb. 13, 2017
WINDSOR, Conn., Feb. 13, 2017 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), announced today it has expanded its suite of fixed index annuity products by introducing the new Voya Journey Index Annuity. Its innovative design provides individuals with a simple "two stage" interest-crediting approach that offers full growth potential, while providing protection from market declines. The Voya Journey Index Annuity also features dynamic indices from J.P. Morgan and Citigroup — J.P. Morgan MeridianSM Index and Citi Dynamic Asset Selector 5 Excess Return Index — giving individuals the flexibility to use multiple crediting strategies to match their long-term financial goals.
Watch a short video explaining the features and benefits of the Voya Journey Index Annuity: www.JourneyClientVideo.com
"Americans are looking for new ways to grow and protect their retirement savings in today's uncertain world," said Carolyn Johnson, CEO of Annuities and Individual Life at Voya Financial. "The Voya Journey Index Annuity gives individuals the ability to plan with confidence. They can enjoy the benefits of increasing their future retirement income and rest easy knowing that their hard-earned savings are protected from unpredictable market swings."
The Voya Journey Index Annuity is a single-premium deferred fixed index annuity that offers individuals full participation in the growth, if any, of one or more dynamic indices over a seven-year period. Individuals have the option to select from two indices — J.P. Morgan MeridianSM Index and Citi Dynamic Asset Selector 5 Excess Return Index — which seek to adjust to market conditions to offer steady growth potential.
One of the distinguishing features of the Voya Journey Index Annuity is its simple "two stage" approach to growing retirement savings. In the first stage, the account value can earn an annual "performance" credit when the selected index stays above the initial level during the first six years. However, it's the second stage where an individual can potentially earn more interest credit. At the end of the seventh year, 100% of the selected index gains over that seven-year period are credited to the original premium. The benefit of this strategy: A person can enjoy the full growth potential without fear of losing their original premium. Plus, an individual can benefit from tax-deferred growth, which is an inherent feature of any fixed index annuity.
"In today's low interest rate environment, the Voya Journey Index Annuity is a good alternative to taxable bank certificates or the volatility of bond mutual funds," explained Johnson. "Individuals have the opportunity to potentially earn better returns and still have protection from market volatility."
There is also a growing market for the Voya Journey Index Annuity. According to LIMRA sales data1, in the first nine months of 2016, fixed index annuity sales increased 22% compared to the prior year. This highlights consumers' interest in the benefits that products like the Voya Journey Index Annuity can offer Americans as they look for solutions to accumulate retirement savings and help provide a dependable stream of income when they retire.
This new fixed index annuity is issued by the Voya Insurance and Annuity Company, a member of the Voya Financial family of companies. As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America's Retirement Company® and its mission to make a secure financial future possible — one person, one family, one institution at a time.
Office: (860) 580-2626
Cell: (315) 373-9685
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. The company had $484 billion in total assets under management and administration as of Dec. 31, 2016. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya's vision is to be America's Retirement Company®. Certified as a "Great Place to Work" by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible and has been recognized as one of the 2016 World's Most Ethical Companies® by the Ethisphere Institute, and as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook and Twitter @Voya.
1) LIMRA Secure Retirement Institute's Third Quarter U.S. Annuity Sales survey, published Nov. 21, 2016.
Annuities are issued by Voya Insurance and Annuity Company, (Des Moines, IA), member of the Voya® family of companies. All guarantees are based upon the financial strength and claims-paying ability of Voya Insurance and Annuity Company, which is solely responsible for all obligations under its contracts. Other than the Voya companies identified, no other entities, whether distributing or listed on the material, are affiliated with the Voya (registered mark) family of companies. Contract Form Series: ICC16 VI-IA-3165, VI-IA-3165(2016)(Rev 12/16); Rider Form Series: ICC16 VI-RA-3166, VI-RA-3166(2016) (Rev 12/16), ICC16 VI-RA-3167, VI-RA-3167(2016) (Rev 12/16) may vary by state, and may not be available in all states.
Citi and Arc design are trademarks and service marks of Citigroup Inc. or its affiliates, are used and registered throughout the world, and are used under license for certain purposes by Voya Insurance and Annuity Company or its affiliates (the "Licensee"). Citigroup Global Markets Limited ("Citigroup") has licensed the Citi Dynamic Asset Selector 5 Excess Return Index (the "Index") to the Licensee for its sole benefit. Neither the Licensee nor the Voya Journey Index Annuity (the "Product") is sponsored, endorsed, sold or promoted by Citigroup or any of its affiliates. Citigroup makes no representation or warranty, express or implied, to persons investing in the Product. Such persons should seek appropriate advice before making any investment. The Index has been designed and is compiled, and sponsored by Citigroup without regard to Licensee, the Product or any investor in the Product. Citigroup is under no obligation to continue sponsoring or calculating the Index.
Citigroup does not guarantee the accuracy or performance of the index, the index methodology, the calculation of the index or any data supplied by Citigroup for use in connection with the product and disclaims all liability for any special, indirect, consequential damages even if notified of the possibility of such damages.
The J.P. Morgan MeridianSM Index ("Index") has been licensed to Voya Insurance and Annuity Company (the "Licensee") for the Licensee's benefit. Neither the Licensee nor Voya Journey Index Annuity (the "Annuity Product") is sponsored, operated, endorsed, recommended, sold or promoted by J.P. Morgan Securities LLC ("JPMS") or any of its affiliates (together and individually, "J.P. Morgan"). J.P. Morgan makes no representation and gives no warranty, expressed or implied, to purchasers of the Annuity Product nor does J.P. Morgan have any liability for any errors, omissions or interruptions of the J.P. Morgan Index. Such persons should seek appropriate professional advice before making an investment or purchasing insurance. The Index has been designed and is compiled, calculated, maintained and sponsored by J.P. Morgan without regard to the Licensee, the Annuity Product or any policyholder. J.P. Morgan is under no obligation to continue compiling, calculating, maintaining or sponsoring the Index. J.P. Morgan may independently issue or sponsor other indices or products that are similar to and may compete with the Index and the Annuity Product. J.P. Morgan may transact in assets referenced in the Index (or in financial instruments such as derivatives that reference those assets). These activities could have a positive or negative effect on the value of the Index and the Annuity Product.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/voya-financial-expands-its-suite-of-retirement-income-solutions-with-new-voya-journey-index-annuity-300406179.html
SOURCE Voya Financial, Inc.