Penn Mutual expands annuity portfolio with Deferred Variable Annuity (DVA)


Lower-fee Vanguard investment options support a wide range of retirement goals

HORSHAM, Pa., Jan. 10, 2024 /PRNewswire/ -- The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced the addition of the Deferred Variable Annuity (DVA) product to its growing annuity portfolio. Issued through Penn Mutual's wholly owned subsidiary, The Penn Insurance and Annuity Company, DVA offers a diverse selection of lower-fee investment options all managed by Vanguard — one of the nation's most well-known investment management companies.

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"DVA offers a diversified mix of lower-fee Vanguard investment options spanning asset classes and risk tolerances so clients can create a customized portfolio that specifically addresses their needs," said Jacqueline Fallon, vice president of product management at Penn Mutual. "DVA provides lifetime income that clients are looking for — plus add on options that provide strong guarantees and premium protection, for those concerned with market volatility as they approach retirement."

DVA's key benefits include:

  • Lower-cost Vanguard variable investment options providing unlimited growth potential
  • Four optional riders, including two competitive income riders
  • No surrender charges on annual withdrawals up to 10% of the client's premium payments

The addition of DVA reinforces Penn Mutual's commitment to providing clients with the flexibility to choose from a variety of competitive annuities and riders designed to help meet their retirement needs, no matter where they are in life.

About The Penn Mutual Life Insurance Company

For more than 175 years, Penn Mutual has been helping people get stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at

©2024 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 190446163079CC_DEC25

Contact:Nicole CampbellPenn

All guarantees are based on the claims-paying ability of the issuer.

Investors should carefully consider the investment objectives, risk, charges, and expenses of a variable annuity before investing. Please read the prospectuses for the relevant variable annuity product as well as its underlying investment options, which contain this and other information about the product.

Product and/or features may not be available in all states. Policy form number: ICC23-PI-VA and ICC23-PI-VA -CS. Form numbers may vary by state. This product is not offered in New York.

This product is not sponsored, endorsed, sold, promoted or guaranteed by The Vanguard Group, The Vanguard Marketing Corporation, the Distributor of the Vanguard Funds, or their respective affiliates; 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 funds. The Vanguard Group and its affiliates are independent of and unaffiliated with The Penn Mutual Life Insurance Company and its subsidiaries.

Our variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/ SIPC, 600 Dresher Road, Horsham, PA 19044, 800-873-7637. HTK is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company. Our variable products are also offered through registered representatives of approved broker-dealers.

The variable investment options offered with DVA are not offered by The Penn Insurance and Annuity Company or The Penn Mutual Life Insurance Company for direct investment outside of the variable annuity.

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SOURCE The Penn Mutual Life Insurance Company