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Synergy Choice TM BONUS A SINGLE PREMIUM DEFERRED FIXED INDEX ANNUITY
Issued by: Aspida Life Insurance Company 30030-0224
This is Aspida
Financial Ratings
Every great success story starts with a dream. Our dream centered on a shared vision – change. While others survived in monotony, we thrived in evolution. We are Aspida, and this is our story. Year-after-year turned into decades of the same tale from wholesalers, producers, and clients alike. The archaic paper processes in the insurance industry – waiting for paper contracts, waiting for paper signatures and paper approvals, waiting for commission payouts on paper – were cumbersome, slow, and laden with dependencies. So, we listened, adapted, and embraced disruption. We created a business focused on providing retirement solutions to mirror the people we serve and reflect the digital world in which we live. We developed the tools and resources that allow producers, and their clients, to quickly, easily, and securely protect their own dreams. Founded in 2021 by a collective vision of industry professionals with over 200 years of combined experience, Aspida has the financial strength – an A- (Excellent) rating – the security – backed by a leading global alternative investment manager, Ares Management Corporation, with approximately $419 billion 5 in assets under management – and the capabilities – cutting-edge, client-centered platform – to be a trusted partner in its clients’ financial security. We’re leveraging innovation to equip our business to succeed in a digital age. We’re providing retirement solutions with speed, simplicity, and security all while creating user-focused, elegant digital experiences. And we’re driving our growth by doing good for the communities we serve. We’re in the business of helping people achieve – and protect – their dreams. This is our dream. This is our story. This is Aspida.
Business Focus Annuities & Reinsurance
$13.7bn Assets Under Management 3,4
$1.1bn Total GAAP Equity 3,4
200+ Combined years industry experience of leadership
150+ Employees and growing
1AM Best assigned Aspida Life Insurance Company with a financial strength rating of A- (Excellent) on April 28, 2023. 2 As of December 31, 2023. 3AUM and GAAP Equity of Aspida Holdings Ltd. as of September 30, 2023. 4Total Assets and GAAP Equity of Aspida Holdings Ltd. adjusted to a) remove unrealized gains and losses on funds withheld fixed income assets (excluding derivatives) and b) reflect available-for-sale securities at amortized cost.
Ares & Aspida
A Strong Partnership We have the trusted backing of Ares Management Corporation (NYSE:ARES). With approximately $419 billion 5 in assets under management, Ares is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. Ares extensive history of successful business building combined with our agile, tech-forward approach to insurance provides the competitive advantage needed to – quickly, easily, and securely – protect our clients’ dreams.
1997 Founded
~$419bn Assets Under Management 5
$40.3bn Market Capitalization 6
~2,850 Employees 6
35+ Global Offices 6
~2,300 Direct Institutional Relationships 6
A Strategic Investment Approach Ares Insurance Solutions (“AIS”) is Ares’ dedicated, in-house team that provides Aspida with investment management, capital solutions and corporate development services. AIS believes differentiated asset yield origination provides a significant competitive advantage.
Alts 2%
The AIS team – an experienced management team of about 20 with decades of direct insurance industry experience – combined with the support of over 900 Ares investment professionals, is dedicated to growing Aspida with purpose- built, ESG-driven infrastructure and capabilities designed specifically for insurance companies. The Aspida portfolio is managed by AIS and subadvised to Ares Management and third-party asset managers. Ares has scale and origination volume in asset classes that benefit Aspida. The Aspida and AIS teams work closely on performance, risk management, and investment compliance monitoring.
CLO 16%
ABS 18%
Corporate & Gov't 46%
MBS 18%
5 As of December 31, 2023. AUM amounts include funds managed by Ivy Hill Asset Management, LP., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. 6 As of February 26, 2024.
Fixed Index Annuities
What is a fixed index annuity? A fixed index annuity (FIA) is a contract between you and an insurance company. In exchange for the money you place in your annuity, the insurance company guarantees several benefits – including a steady stream of retirement income. And because it’s designed to help you prepare for retirement, a fixed index annuity provides certain tax advantages as well. The performance of FIAs are tied to specific underlying stock indices. What does that mean? Good question. Essentially, it means your money grows according to either a fixed rate or the performance of the indices you choose – or both. If you choose to allocate your money to the available indices, your money won’t grow uniformly as with a fixed annuity. Instead, your growth will be based on the growth, if any, of the indices you have chosen. This also means there is opportunity for a higher yield relative to a fixed rate at the end of your term. Do you need to worry about market uncertainty? Any financial product with ties to the market comes with some inherent risk, but fixed index annuities register low in terms of risk. The initial money you put into this annuity type is not actually invested in stocks or bonds. The index strategy options of the product will never result in negative interest credited to your contract, which means you are protected from dips in the market when stocks – and other more volatile investment options – lose value. You have an opportunity to track the returns of indices that are provided and administered by leaders in the index industry, making your return linked to the performance of these indices. From there, the interest earned is credited based on your selected index’s performance. If the value of the index goes up during a defined period, so does the interest you earn. What does that look like? Great question. Let’s break it down with a hypothetical example below.
This chart assumes no fees, charges, or withdrawals are taken from the FIA during the illustrated period and reinvestment of dividends is not included. Index past performance is not indicative of future results. The hypothetical performance of the fixed index annuity, as illustrated, assumes a $100,000 premium, a cap of 10.00% (using the 1-Year Point-to-Point with Cap crediting method only) and assumes no withdrawals or surrender charges during period shown. This hypothetical example is for illustrative purposes only and not intended to be the performance of any specific product.
The Benefits of a Fixed Index Annuity
Protection of Your Premium Both your initial payment and each year’s credited interest are always protected against loss.
Optimized Growth
Tax-Deferral7
Lifetime Income Benefits A FIA can provide guaranteed income for as long as you live.
Accumulate savings for retirement by earning interest based on the fixed or indexed strategies you choose.
You don’t pay taxes on the interest as it’s earned, only when you withdraw it.
Purchasing a fixed index annuity is EASY
Choose your premium. $25,000 premium minimum to $1,000,000 maximum. 8
Personalize your growth potential. Choose one or more of nine crediting strategies based in part on your needs and comfort level.
Relax and watch your money grow.
Synergy Choice TM Bonus When it comes to planning for retirement, there are many strategies to help you reach your goals. Synergy Choice Bonus from Aspida Life Insurance Company, available for people from 18-80 years of age, can be a valuable part of your retirement portfolio for a number of reasons. 1 Synergy Choice Bonus gives you the potential to earn interest in two different ways. You can earn interest based on your choice of several index options, or you can choose to receive fixed interest. 2 All contracts will include a 10% Premium Bonus at issue. The bonus will then vest at 10% per year. The premium, unvested bonus, vested bonus and interest credited will collectively be known as the Accumulated Value. For example, if your contract’s initial premium is $100,000 you will get an additional $10,000 in premium bonus vested at a rate of $1,000 per contract year. 3 Having access to your funds can give you the peace-of-mind you need. You can withdraw up to 10% of your Accumulated Value each year free of charge – after the first year of your contract – to help cover the unexpected. Any RMD required to be withdrawn from your tax- qualified IRA is free of charge after 30 days, even if it exceeds the free withdrawal amount. Another feature for that peace-of-mind? If you should later be confined to a nursing home or diagnosed with a terminal illness, you can withdraw up to 100% of your annuity’s Contract Value. 4 After one year, you have the option to turn your annuity’s contract value into a stream of regular income payments through a process called annuitization. There are several settlement options available for your contract, including those that will generate a guaranteed lifetime income. 5 Finally, if the unexpected does occur, knowing where your money goes is important. Our Synergy Choice Bonus can give you the security you need in case something were to happen to you. The death benefit pays the full account value plus a prorated portion of any index growth from the current crediting period and any unvested premium bonus directly to your beneficiaries without the delays and costs associated with probate, letting your family focus on the things that matter most.
Allocation Options
With Synergy Choice Income, you can earn fixed interest – or choose to base potential indexed interest on changes in several external market indexes.
Fixed Interest Strategy Allocation Synergy Choice Income lets you earn interest at a fixed rate if you wish. Aspida credits fixed interest daily based on the rate we establish at the beginning of each contact year. Indexed Interest Strategy Allocations You can also choose to earn potential interest based on your choice of several external market indexes. You can choose to allocate your premium among one – or more – index crediting strategies. Index Options: This helps determine how your money could grow. The index options with Synergy Choice Income give you a blend of choices that complement each other and can help you choose what works for you. To help choose what’s right for you, here are the pieces that make up each strategy.
Citi Aria Index 9 The index is a 100% equity index with dynamic monthly allocations to the best performing of two Citi indices, which use ESG (environmental, social and governance) scores to make their own allocations: one of these provides notional exposure to US large capitalization equities, and the other provides notional exposure to US technology equities. The index incorporates a 20% volatility target mechanism, and a performance control mechanism which limits both the gains and losses of the strategy’s monthly returns. The index also uses a dollar-cost averaging system in order to attempt to reduce market-timing risk. Goldman Sachs Grand Prix Index 10 The Index deploys signals from well-studied market anomalies to drive dynamic rebalancing between US technology equity futures and US Treasury futures. The Index then applies a patent pending volatility control mechanism, truVol ® , based on intraday returns. 11
S&P 500® Index Widely regarded as the best single gauge of large-cap U.S. equities, this index captures approximately 80% of available market capitalization.
9 The Citi Aria Index (CITIARIA) provides a notional exposure to the Citi ESG Momentum VT ER Index (CITIARIV), which in turn provides a notional exposure (with volatility targeting) to the Citi ESG Momentum Core ER Index (CITIARIC), which allocates monthly between either the Citi US Tech ESG Series 1 Gross Total Return Index (CESGUSSG) (the “Tech Index”) or a basket made up of the Citi US Large Cap ESG Series 1 Gross Total Return Index (CESGUSLG) (the “Large Cap Index”) and the iShares ESG Aware MSCI EAFE exchange-traded fund. Both the Tech Index and the Large Cap Index use ESG scores provided by an external data analyst, which is not responsible for any Citi index. Citi is not involved in the determination of the ESG scores. iShares ETFs are provided by BlackRock, which is not responsible for any Citi index. Notional costs are deducted from index performance. Full details and risks are set out in the relevant index conditions. 10 The Index is calculated on an excess return basis and net of servicing and rebalancing costs. A deduction rate of 0.50% per annum (accruing daily) is further applied to the Index. For more information about the Index, see www.goldmansachsindices.com/products/GSGRNDPX. The Index methodology is available upon request. 11 Salt Financial Indices LLC determined and designed the methodology for truVol ® Risk Control Engine. Goldman Sachs was not involved in designing or determining the methodology for truVol ®
Crediting Options: This refers to the way we calculate interest credits.
Point-To-Point Cap Rate Strategy This strategy provides growth by participating in 100% of the index’s growth, if any, up to a specific point, called a ‘cap’. Your interest is credited and locked in for the term you choose. Point-To-Point Participation Rate Strategy This strategy provides growth by participating in a portion of the index’s growth, if any, every year. Your interest is credited and locked in for the term you choose.
Term: How long do you want the crediting option to last?
Synergy Choice Bonus offers interest crediting options of 1- or 2-year terms. You can divide your money among more than one crediting option.
Available Interest Crediting Options
Term
Participation Rate (No Cap) S&P 500® Index Point-to-Point Participation Rate Strategy Goldman Sachs Grand Prix Index Point-to-Point Participation Rate Strategy Citi Aria Index Point-to-Point Participation Rate Strategy
1- or 2-Years
1- or 2-Years
1- or 2-Years
Cap Rate S&P 500® Index Point-to-Point Cap Rate Strategy Fixed Account Rate Strategy
1- or 2-Years
1-Year
Keep in mind, the rates associated with these crediting options are declared at issue and are guaranteed for the length of the crediting period. At the end of the crediting period, they may change for the subsequent crediting period (for example caps may be raised or lowered).
Questions & Answers
What is a market value adjustment (MVA) and when does it apply to me? When you take a withdrawal in excess of any free amount during the withdrawal charge period, the amount you receive may be increased or decreased by a market value adjustment (MVA). If the market index interest rates are higher than when you purchased the annuity, the MVA amount will be negative, decreasing your withdrawal amount and/or annuity balance. If market index interest rates are lower than when you purchased the annuity, the MVA is positive, increasing your withdrawal amount and/or annuity balance. The MVA does not impact full Annuitizations (after the first year) or the Minimum Guaranteed Surrender Value. What options do I have to withdraw my money without penalties? You have the option to take up to 10% of your Accumulated Value as a free withdrawal each year after the first contract anniversary. At the end of your surrender charge term, you also have the option to withdraw up to 100% of the Contract Value. Rest assured that all required minimum distributions (RMD) withdrawn at least 30 days after the contract has been issued will not be subject to any penalties.
Worried about being locked in if rates fall? You have the option of withdrawing your Contract Value if the S&P500® annual point-to-point cap renewal rate falls below the stated bailout cap rate at contract issue.
What if I need to make a withdrawal above the 10% free withdrawal amount? In addition to possible MVA adjustments and possible decreases to the unvested premium bonus amount, withdrawing more than your free withdrawal amount may also result in early withdrawal charges. Each surrender charge period has its own early withdrawal charge schedule, which decreases over time, so you can know how much you are able to withdraw and how that will affect your contract. 12 Important to note: You always have access to 100% of your contract value, free of withdrawal charges and MVA, after the initial surrender charge period.
Withdrawl Charge Schedule 1
2
3
4
5
6
7
8
9
10 11
10-Year Plan
9% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%
What options do I have if I am confined to a nursing home? You can withdraw up to 100% of your annuity’s contract value if you are confined to an eligible Nursing Home. This benefit is available if you are confined for at least 90 consecutive days any time after your first contract anniversary and meet eligibility requirements. No withdrawal charge or MVA will be applied if you qualify for this benefit. To receive the Nursing Home Waiver, you cannot be confined at the time your contract is issued and confinement must begin at least one year after the contract effective date. What options do I have if I am diagnosed with a terminal illness? You can withdraw up to 100% of your annuity’s contract value if you are diagnosed with a terminal illness that is expected to result in death within one year and meet eligibility requirements. No withdrawal charge or MVA will be applied if you qualify for this benefit. This waiver is available after your first contract anniversary and the initial diagnosis of terminal illness must be made after the contract effective date.
7 Qualified accounts will not have any additional tax deferral benefit. 8 $ 25,000 premium minimum to $1,000,000 maximum. A premium of more than $1,000,000 may be accepted with prior approval from Aspida. 12 Withdrawal charges may vary slightly by state. Guarantees are backed by the claims-paying ability of Aspida Life Insurance Company (“Aspida”). Annuities are designed for long-term accumulation of money; surrender and withdrawal fees may apply on early withdrawals. Annuity withdrawals are subject to income tax, and withdrawals prior to age 59½ may also be subject to an IRS penalty. This piece provides a brief summary of product features. The contract associated with the product will contain the actual terms, definitions, limitations, and exclusions that apply. Product features and availability vary by state and are solely the responsibility of Aspida. Synergy Choice TM Bonus 10 contract form series ICC22C-FIA1010 and C-FIA1010. Some exclusions and exceptions apply. Please refer to the contract for the actual terms and conditions that apply. The statements and comments offered in this communication are provided as general information and ideas. They are not intended to be, nor should they be relied on as, investment, legal, tax advice, or recommendations. Before making a decision or giving advice about any matter contained in this communication, agents or individuals should consult their own attorney, tax, or investment advisor. Products and services are underwritten and/or provided by Aspida (Administrative Office: Durham, NC), licensed in 49 states (excluding New York) and the District of Columbia. Products and services may not be available in all states. The “S&P 500 ® ” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and S&P Global and has been licensed for use by Aspida Life Insurance Company (Aspida) . Standard & Poor’s ® and S&P ® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones ® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P Global Trademarks are trademarks of the S&P Global and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Aspida. Aspida’s Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or S&P Global and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 ® . Index Disclosures The Synergy Choice TM Bonus is not sponsored, endorsed, sold, guaranteed, underwritten, distributed or promoted by Goldman Sachs & Co. or any of its affiliates (including Goldman Sachs Asset Management, L.P.), with the exception of any endorsement, sales, distribution or promotion of this product that may occur through its affiliates that are licensed insurance agencies (excluding such affiliates, individually and collectively, “Goldman Sachs”) or its third party data providers. Goldman Sachs and its third party data providers make no representation or warranty, express or implied, regarding the advisability of investing in annuities generally or in Fixed Indexed FIAs or the investment strategy underlying such Synergy Choice Bonus particularly, the ability of the Goldman Sachs Grand Prix Index (the “Index”) to perform as intended, the merit (if any) of obtaining exposure to the Index or the suitability of purchasing or holding interests in the Synergy Choice Bonus. Goldman Sachs and its third party data providers do not have any obligation to take the needs of the holders of Synergy Choice Bonus into consideration in determining, composing or calculating the Index. Salt Financial Indices LLC determined and designed the methodology for the truVol ® Risk Control Engine, and is the owner of the intellectual property therein (“Salt IP”), which is licensed to Goldman Sachs for use in calculating the Index. Goldman Sachs was not involved in designing or determining the methodology or other intellectual property for the truVol ® Risk Control Engine. GOLDMAN SACHS AND SALT FINANCIAL DO NOT GUARANTEE THE ACCURACY AND/OR COMPLETENESS OF THE INDEX OR OF THE METHODOLOGY UNDERLYING THE INDEX, SALT IP, THE CALCULATION OF THE INDEX OR ANY DATA SUPPLIED BY IT FOR USE IN CONNECTION WITH THE SYNERGY CHOICE BONUS. GOLDMAN SACHS AND SALT FINANCIAL HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS, SALT FINANCIAL LLC, AND THEIR AFFILIATES, EMPLOYEES, PARTNERS AND VENDORS EXPRESSLY DISCLAIM AND SHALL NOT BE LIABLE TO ANY PARTY FOR ANY INCIDENTIAL, EXEMPLARY, COMPENSATORY, SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGE, COST, EXPENSE, LEGAL FEES OR LOSSES (INCLUDING WITHOUT LIMITATION, LOST INCOME OR LOST PROFITS AND OPPORTUNITY COSTS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. Citi and 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 Aspida Life Insurance Company or its affiliates (the “Licensee”). Citigroup Global Markets Limited (“Citigroup”) has licensed the Citi Aria Index (the “Index”) to the Licensee for its sole benefit. Neither the Licensee nor the Synergy Choice Bonus or Bonus (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, calculated, maintained 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. Please see https://investmentstrategies.citi.com/cis/us for additional important information about the Citi Aria Index. THIRD PARTY DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE INDEX. THIRD PARTY PROVIDER HAS NO OTHER CONNECTION TO GOLDMAN SACHS INDEXES AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY GOLDMAN SACHS INDEX OR SERVICES. THIRD PARTY PROVIDER HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE GOLDMAN SACHS INDEX AND SERVICES. THIRD PARTY PROVIDER DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY MARKET DATA LICENSED TO GOLDMAN SACHS AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN THIRD PARTY PROVIDER AND GOLDMAN SACHS.
Not FDIC/NCUA Insured • May Lose Value • Not Bank/CU Guaranteed • Not a Deposit • Not Insured by Any Federal Government Agency
ASPIDA LIFE INSURANCE COMPANY 2327 Englert Dr. | Durham, NC 27713 | P: +1 (833) 4-ASPIDA | Aspida.com
Aspida is the trade name of Aspida Life Insurance Company and its affiliates. Each company is solely responsible for its own financial conditions and contractual obligations.
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