SCOTTSDALE, Ariz., July 12, 2016 (GLOBE NEWSWIRE) -- Annexus, a leading fixed indexed annuity product designer, congratulates J.P. Morgan for being awarded “Deal of the Year” at the Structured Products Americas Awards on May 20, 2016. The success and innovation of the Nationwide New Heights® fixed index annuity (FIA) product with the J.P. Morgan MOZAIC℠ Index (USD) option contributed to the recognition.1
Annexus partnered with Nationwide® to introduce the initial New Heights FIA in early 2014. The retirement savings solution offered both principal protection and a growth opportunity based on the positive movement of the S&P 500® Price Index, which was the only index available at initial launch.
In June of 2015, the Nationwide New Heights FIA index options were expanded to include the J.P. Morgan MOZAIC℠ Index (USD). The J.P. Morgan MOZAIC℠ Index offers a new opportunity for growth using a diverse group of global asset classes and a monthly rebalancing process to help reduce risk, and leverage positive momentum.
The collaboration between Annexus, Nationwide, and J.P. Morgan helped propel New Heights sales to $2.37 billion in premium. As a result, Nationwide moved from 22nd to 5th in fixed indexed annuity sales for 2015, as reported by LIMRA.
“Our product development team, J.P. Morgan, and Nationwide were able to enhance the New Heights product and offer the marketplace a retirement solution that allows clients to retire with confidence,” said Don Dady, co-founder of Annexus.
New Heights is available to Nationwide's affiliated agency force, independent distributors and bank and wirehouse channels. Annexus also distributes the products through independent marketing organizations.
About Annexus
Founded in 2006, Annexus has quickly grown to become a leading designer and marketer of fixed indexed annuity and indexed universal life products. Annexus’ success is founded on product innovation to better serve clients and strengthen distribution relationships. Working with product development partner Genesis Financial, Annexus brings highly specialized risk management capabilities that enhance a carrier’s ability to underwrite indexed products. The Annexus product development team has worked together with Genesis to create the next-generation of pricing and hedging methodologies in living benefits and principal-protected retirement products, collectively earning 15 patents to date.
1 Source: risk.net, 20 May 2016. Retrieved from http://www.risk.net/structured-products/analysis/2457182/deal-of-the-year-jp-morgan-and-nationwide
Nationwide New Heights is underwritten by Nationwide Life and Annuity Insurance Company, Columbus, Ohio 43215.
The J.P. Morgan MOZAIC℠ Index (USD) (“Index”) has been licensed to Nationwide Life and Annuity Insurance Company (the “Licensee”) for the Licensee’s benefit. Neither the Licensee nor Nationwide New Heights® Fixed Indexed Annuity (the “Product”) is sponsored, operated, endorsed, recommended, sold or promoted by J.P. Morgan Securities LLC (“JPMS”) or any of its affiliates (together and individually, “JPMorgan”). JPMorgan makes no representation and gives no warranty, express or implied, to contract owners taking exposure to the Product. Such persons should seek appropriate professional advice before making any investment. The Index has been designed and is compiled, calculated, maintained and sponsored by JPMS without regard to the Licensee, the Product or any contract owner. JPMorgan is under no obligation to continue compiling, calculating, maintaining or sponsoring the Index. JPMorgan may independently issue or sponsor other indices or products that are similar to and may compete with the Index and the Product. JPMorgan may also 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 Product.
Neither Nationwide or any of its affiliates are related to, or affiliated with J.P. Morgan or Annexus.
Nationwide, Nationwide New Heights, and New Heights are service marks of Nationwide Mutual Insurance Company.