American Equity Investment Life Holding Company issued the following announcement on June 22.

American Equity Investment Life Insurance Company®, a leading underwriter of fixed index annuities, announced the launch of a new growth-focused fixed index annuity. The Destinations annuity is a first of its kind for the company, offering multiple allocation options including a new volatility-controlled index developed with Bank of America®, the BofA Destinations Index™, which is exclusive to this product.

“We are excited to collaborate with Bank of America, a leading global financial institution, and to give clients a new strategic growth option for their retirement savings,” said American Equity Chief Executive Officer Anant Bhalla.

“The BofA Destinations IndexTM is a rules-based strategy, and combines three assets using two time-tested investment principles – balanced risk and momentum,” noted Will Holligan, head of Americas Insurance Solutions for Bank of America. “By balancing risk and then seeking returns, this index aims to provide stable returns in many market environments. We are looking forward to working with American Equity to introduce this innovative solution throughout the U.S.”

In addition to the traditional benefits fixed index annuities deliver, such as principal protection and tax-deferral, the Destinations annuity provides new interest growth opportunities based, in part, on the performance of a selection of indices, using a variety of crediting strategies.

There are two index crediting strategies available that are linked to the exclusive BofA Destinations IndexTM, a trackable index which combines U.S. equities, U.S. Treasuries and the Gold Index with the goals of managing volatility and delivering stability in many market conditions. The Destinations annuity is a 10-year-term product.

Original source: http://ir.american-equity.com/news-releases/news-release-details/american-equity-launches-destinations-fixed-index-annuity-new