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AM Best Affirms Credit Ratings of The Penn Mutual Life Insurance Company and Its Subsidiary; Upgrades Credit Ratings of Vantis Life Insurance Company and Vantis Life Insurance Company of New York

OLDWICK, N.J. April 11, 2019 — AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "aa-" of The Penn Mutual Life Insurance Company (Penn Mutual Life) (Horsham, PA) and its wholly owned subsidiary, The Penn Insurance and Annuity Company (Wilmington, DE) The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has upgraded the FSR to A+ (Superior) from A (Excellent) and the Long-Term ICRs to "aa-" from "a" of Vantis Life Insurance Company (Vantis Life) (Windsor, CT) and Vantis Life Insurance Company of New York (Brewster, NY). The outlook of the Long-Term ICR has been revised to stable from positive, while the outlook of the FSR is stable. AM Best also has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of "a" on the $200 million 6.65% surplus notes due 2034 and the $200 million 7.625% surplus notes due 2040, issued by Penn Mutual Life. The outlook of the Long-Term IRs is stable. These companies are collectively referred to as Penn Mutual. ...See more

The ratings of Penn Mutual reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). The rating upgrades of the Vantis Life companies reflect their strategic importance and further integration into the Penn Mutual group. The affirmations of Penn Mutual reflect the organization's favorable risk-adjusted capitalization, as well as favorable liquidity measures and overall financial flexibility. Additionally, Penn Mutual continues to manage its investment portfolio effectively, which has historically performed well and provided a steady stream of net investment income.

Penn Mutual continues to maintain a highly regarded position as a leading carrier within the ordinary life insurance market, while also continuing to build out complementary products and offer value-added options to its target markets. The Vantis companies offer further diversity in both distribution and target markets. Technological initiatives within the organization have demonstrated its ability to innovate an end-to-end experience for both advisors and clients, significantly ahead of many of its peer companies. Premium growth trends have been favorable over the past five-year period and operating metrics tied to its core operations have been strong. Statutory operating metrics have been impacted somewhat by strain related to sales of certain products. AM Best expects that Penn Mutual will continue to produce favorable top and bottom line trends that exceed industry peers. The company’s strong ERM practices reflect its formalized risk management framework including stated risk appetite and tolerances, extensive stress testing and overall strong risk culture across all levels of the organization.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

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Vantis Life Honored with 2019 BISA Technology Innovation Award

Award recognizes Vantis' multi-product accelerated life insurance platform, Velocity

WINDSOR, Conn March. 11, 2019 — Vantis Life Insurance Company, an industry-leading life insurance provider for mass market consumers, was recently honored by the Bank Insurance & Securities Association (BISA) with its 2019 Technology Innovation Award. Vantis Life accepted the award during the BISA Annual Convention on March 7 in Hollywood, Florida. ...See more

This accomplishment reflects the company's investment in Velocity, a completely digital life insurance purchase experience utilizing accelerated underwriting technologies to simplify the application process for both consumers and agents. The award marks Vantis' second recognition by BISA as a leading technology innovator.

"Over the last 12 months, we have made significant strides to create a seamless, web-based life insurance sales experience for consumers and our partners in financial institutions," said Ray Caucci, Chairman and CEO of Vantis Life. "BISA's recognition of our efforts in creating a low-friction environment for life insurance purchases validates the marketplace demand for continued innovation in insurtech."

Vantis Life's Velocity allows financial institutions to offer up to four types of life insurance products directly to customers via a co-branded web experience.

The BISA Technology Innovation Award recognizes financial services companies leading the industry's innovation in products, services and platforms. BISA is the leading financial services industry association dedicated to serving those responsible for the marketing, sales and distribution of securities, insurance, and other financial products and advisory services through the bank channel.

About Vantis Life:
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families with affordable life insurance products. Vantis Life markets its products through financial institutions and direct-to-consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service. Vantis Life is a separately operated subsidiary of The Penn Mutual Life Insurance Company.

Contact:
Gregory FCA for Vantis Life Allie Long, 610-228-2103 vantis@gregoryfca.com

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KBRA Assigns Ratings to Penn Mutual and Janney Montgomery Scott

New York, NY Jan. 31, 2019 — Kroll Bond Rating Agency (KBRA) assigns insurance financial strength ratings (IFSR) of AA- to The Penn Mutual Life Insurance Company and its key insurance subsidiaries: The Penn Insurance and Annuity Company, Vantis Life Insurance Company, and Vantis Life Insurance Company of New York (collectively referred to as Penn Mutual). KBRA also assigns an issuer rating of A to Penn Mutual's broker-dealer subsidiary Janney Montgomery Scott LLC (Janney). The Outlook for all ratings is Positive. ...See more

The ratings reflect Penn Mutual's unwavering commitment to mutuality and its concomitant strategy of maintaining long-term financial strength. Management is focused on maintaining capital strength and strong liquidity, while profitably growing the business in a balanced, diversified manner. Accompanying these strengths are an experienced and proactive management team which actively engages in deep, broad risk management; a flexible approach to distribution that is a competitive advantage; a conservative investment portfolio with sound returns; and investments in technology that should support its competitive relevance into the future. Penn Mutual's balanced mix of life insurance and annuities—supplemented by Janney and its growing asset management business—produces a consistent stream of earnings, supporting two decades of consistent and top-tier dividend history. Although asset management and broker-dealer earnings are influenced by market-related variables, KBRA expects that, over time, non-insurance earnings will continue to contribute to enhanced earnings diversification. Along with steady earnings, Penn Mutual has managed its capital base to preserve a strong risk-adjusted capital ratio and a surplus/liabilities ratio that is well-above industry norms. Over the last several years, the company has focused on life insurance sales and has increased its industry ranking to 13, up from 24 in 2010, by launching new and refreshed products, optimizing distribution, and implementing cutting-edge technology to drive the sales process. Additionally, Penn Mutual expanded its overall market presence through its 2016 acquisition of Vantis, which sells to the middle-market through direct-to-consumer and bank distribution channels. This contrasts to Penn Mutual's affluent target market and advisor-led distribution channels.

Balancing these strengths is a highly competitive market for affluent-market financial services and products, continued spread compression within its interest-sensitive products, and challenges to statutory profitability related to new business strain. Penn Mutual’s affluent target market is highly sought after by global life insurers as well as mutual fund companies, banks and investment management firms. Continued consolidation has resulted in larger competitors with strong financial resources, marketing and distribution capabilities, and brand identities. KBRA believes that Penn Mutual is managing competitive challenges well, as evidenced by its increasing life insurance market share while maintaining capital strength and solid earnings. Another challenge the company faces—along with other life insurers with interest-sensitive liabilities—is the lower-for-longer interest rate environment. Penn Mutual’s interest margins have been trending down over the last several years; this compression is exacerbated by lower lapse experience relative to pricing assumptions. The company has actively managed this risk by lowering credited rates, shifting sales toward whole life products and disciplined expense management. Additionally, KBRA notes that about 20% of Penn Mutual’s statutory capital base is surplus notes, which is higher than some of its mutual peers.

Janney's ratings are supported by an experienced management team, long history of profitable operations, conservative risk appetite, low-risk business mix and strategic importance to Penn Mutual. With its focus on wealth management, Janney has a more stable and lower-risk business model compared with major broker-dealers. KBRA notes that Janney has remained profitable through the financial crisis and its aftermath. Janney is regionally concentrated but operates in a diversified economy and continues to expand selectively in attractive markets. KBRA believes that Janney is strategically important to Penn Mutual, which has owned the firm since 1982, and that Penn Mutual would support Janney in the unlikely event of need.

The Positive Outlook on Penn Mutual's ratings reflects KBRA's expectation that the organization will continue to maintain strong capitalization and liquidity, grow its book of business while managing mix shifts to support ample profitability, preserve the investment portfolio’s high credit quality and solid returns, and be run by a thoughtful management team with a conservative, risk-focused approach that supports long-term financial strength. More specifically, KBRA expects to see stabilization in the pace of spread compression, continued success with the Vantis acquisition, strong profitability metrics, and sustained strong risk-adjusted capital position relative to industry norms. If these trends continue, rating upgrades in the medium term are likely.

The ratings are based on KBRA's Global Insurer & Insurance Holding Company Rating Methodology published on October 10, 2017, and on KBRA's Securities Firm Global Rating Methodology published on March 8, 2018.

A full report will soon be available on www.kbra.com.

Analytical Contacts:

Donna Halverstadt, Managing Director, Insurance
(646) 731-3352
dhalverstadt@kbra.com

Andrew Edelsberg, Managing Director, Insurance
(646) 731-2371
aedelsberg@kbra.com

Joe Scott, Managing Director, Financial Institutions
(646) 731-2438
jscott@kbra.com

Robert Hill, CFA, Associate, Insurance
(646) 731-3383
rhill@kbra.com

About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

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Vantis Life Launches Velocity Digital Platform for Direct Sales

For Term, TROP, and Permanent Life Insurance, the insurer's underwriting technology harnesses sources such as FCRA-compliant consumer data through LexisNexis, pharmaceutical databases and motor vehicle records.

Jan. 7, 2019 — Vantis Life Insurance Company (Windsor, Conn.) a provider of life insurance for mid-market and emerging affluent consumers announced that it has introduced Velocity, an upgraded online life insurance platform designed to make getting coverage faster and more efficient. Velocity will offer a new life insurance purchasing experience with the ability to issue policies up to $1 million through what the carrier calls a greatly accelerated underwriting engine. ...See more

"Vantis Life is revolutionizing the process that agents use to offer life insurance to customers who need this product most," comments Ray Caucci, Chairman and CEO, Vantis Life. "The resulting product suite, powered by accelerated underwriting, enables distributors to offer high-quality products to more people in the mass market, more easily than ever."

Agents will have the option to take the application themselves, with an underwriting decision available in minutes, refer the customer to Vantis Life's professional contact center, or refer the application directly to the customer via email. "These choices are key benefits to the Velocity experience," Caucci adds.

FCRA-Compliant Data for Underwriting

Vantis Life's Velocity product suite includes Term, Term Return of Premium (ROP), and Permanent Life Insurance, all available via a new quote-and-submit agent portal. To expedite the life insurance application process, Vantis Life's underwriting technology harnesses sources such as Fair Credit Reporting Act (FCRA)-compliant consumer data through LexisNexis, pharmaceutical databases and motor vehicle records in order to deliver an offer for life insurance in as little as a few minutes to a few days for the healthiest applicants, without a medical test or additional cost.

Vantis reports that all Velocity products come with accelerated benefit riders for no additional premium. A unique Charitable Giving rider, also included with no added premium, provides an additional death benefit of 1 percent (up to $100,000) to a qualified charitable organization of the policy owner's choosing, and is paid by Vantis Life.

In addition to term and whole life, Vantis Life's final expense product, Guaranteed Golden, and single premium wealth transfer product, EstateWise Platinum, will also be available on the same digital platform, according to a carrier statement.

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Vantis Life Looks to End the Cycle of Underinsured Families with New Digital Platform

Agents Now Have Fast, Efficient Platform to Help Middle-Market Families Get Needed Life Coverage

WINDSOR, Conn., Jan. 7, 2019 — Vantis Life Insurance Company says it's time for the trend of declining life insurance ownership among mass-market customers to end. That's why the life insurance provider for mid-market and emerging affluent consumers has introduced Velocity, an upgraded online life insurance platform that makes getting coverage faster and more efficient. Velocity will shake up the industry by offering a new experience with the ability to issue policies up to $1 million through a greatly accelerated underwriting engine. ...See more

"Vantis Life is revolutionizing the process that agents use to offer life insurance to customers who need this product most," said Ray Caucci, Chairman and Chief Executive Officer at Vantis Life. "The resulting product suite, powered by accelerated underwriting, enables distributors to offer high-quality products to more people in the mass market, more easily than ever. Each agent will have the option to take the application themselves, with an underwriting decision available in minutes; refer the customer to Vantis Life's professional contact center, or refer the application directly to the customer via email. These choices are key benefits to the Velocity experience."

Vantis Life's Velocity product suite includes Term, Term Return of Premium (ROP), and Permanent Life Insurance, all available via a new quote-and-submit agent portal. To expedite the life insurance application process, Vantis Life's underwriting technology harnesses items such as Fair Credit Reporting Act (FCRA)-compliant consumer data through LexisNexis, pharmaceutical databases and motor vehicle records in order to deliver an offer for life insurance in as little as a few minutes to a few days for the healthiest applicants, without a medical test or additional cost.

All Vantis Velocity products come with accelerated benefit riders for no additional premium. A unique Charitable Giving rider, also included with no added premium, provides an additional death benefit of 1% (up to $100,000) to a qualified charitable organization of the policy owner's choosing, and is paid by Vantis Life.

In addition to term and whole life, Vantis Life's final expense product, Guaranteed Golden®, and single premium wealth transfer product, EstateWise Platinum®, will also be available on the same digital platform.

For more information on Vantis Velocity, please visit VantisLife.com/products/life-insurance-products.

About Vantis Life:
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families affordable life insurance products. Vantis Life markets its products through financial institutions and direct to the consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service. Vantis Life is a separately operated subsidiary of The Penn Mutual Life Insurance Company.

Contact:
Gregory FCA for Vantis Life Jen Diehl, 610-228-2124 vantis@gregoryfca.com

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Penn Mutual's Vantis wagers on direct sales with $1M whole life policies

Jan. 2, 2019 — Our Senior Vice President and Chief Marketing Officer Craig Simms met with Life Annuity Specialist to discuss Vantis Life’s role as a leading force in the industry by offering direct-to-consumer sales across our product suite. Craig also illustrated how Vantis plans to reshape the way consumers think about life insurance.

Read more at Life Annuity Specialist

Vantis Life Names Raquib Choudhury Vice President of Information Technology

Choudhury will focus on Vantis’s new accelerated underwriting and direct-to-consumer services

WINDSOR, Conn., Aug. 28, 2018 — Vantis Life Insurance Company, an industry-leading life insurance provider for mid-market and emerging affluent consumers, today announced the promotion of Raquib Choudhury to Vice President of Information Technology. ...See more

The new role will have Choudhury overseeing all of Vantis Life’s information technology practices, including acting as the touch point for its new accelerated underwriting and direct-to-customer services. He will continue to oversee the maintenance, upgrading, and security of its on-line and intranet platforms, something he helped establish when he first joined the company fourteen years ago.

"We are a life insurance company, but beneath the surface, we are also a technology company," said Scott Smith, COO. "The work we do is made possible by advancing technology, and we continue to improve our services with offerings like accelerated underwriting and direct-to-consumer platforms. Having someone as experienced and capable as Raquib in this important position will serve Vantis, our products and our customers well."

Choudhury joined Vantis Life in 2004 as a systems analyst, and has been working as an Assistant Vice President since 2016, as well as Chief Information Security Officer since October of 2017. He recently earned a cyber risk management certificate from Harvard Business School, which supplements his undergraduate and graduate degrees in computer science from Eastern Connecticut State University and Central Connecticut State University, respectively.

"I'm proud to work for a company that understands the value of cybersecurity and the continuous progression of technology," Choudhury said. "Senior Management at Vantis Life has always given this department the support it needs to provide a competitive advantage. I'm excited to be taking a more active role in the direction of this company as we continue to build tools that will simplify the life insurance process and protect the data of our customers."

About Vantis Life:
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families affordable life insurance products. Vantis Life markets its products through financial institutions and direct to the consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service. Vantis Life is a separately operated subsidiary of The Penn Mutual Life Insurance Company.

Contact:
Gregory FCA for Vantis Life Jen Diehl, 610-228-2124 vantis@gregoryfca.com

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Vantis CEO Peter Tedone Announces Retirement

Penn Mutual's Ray Caucci to Succeed Tedone

WINDSOR, Conn., Aug. 15, 2018 — Longtime CEO of Vantis Life Insurance Company Peter Tedone has announced that he will retire at the end of the year from the company where he has served as President, Chairman and CEO for the past 18 years. Over a 31-year career at Vantis, Tedone, of Simsbury, CT, transformed the company into a leading provider of life insurance for mid-market and emerging affluent customers by marketing through banks and now direct-to-consumer. ...See more

Tedone will be succeeded in his position as Chairman and CEO by Ray Caucci, who currently serves as Senior Vice President of Product Management, Underwriting and Advanced Sales at Penn Mutual, a Pennsylvania-based life insurance company. Tedone engineered the integration of Vantis when it was acquired by Penn Mutual in late 2016. Concurrent with Caucci’s appointment, Scott Smith, current Executive Vice President and Chief Operating Officer (COO) of Vantis, will be promoted to President and COO.

"Under Peter's leadership, Vantis secured a leadership position in the financial institution marketplace and introduced state-of-the-art technology platforms to provide superior life insurance products for America's working families," says Eileen McDonnell, Chairman & Chief Executive Officer of Penn Mutual. "His leadership played an important role in our decision to acquire Vantis and diversify Penn Mutual's growth plans. We appreciate Peter's long track record of contributions to Vantis' success and wish him well in retirement."

While leading Vantis, Tedone was responsible for transitioning the company from a single-state insurer to a nationally licensed institution, overseeing the company's expansion in the banking and direct-to-consumer market and spearheading Vantis' implementation of next-generation underwriting technology. Tedone will continue to serve on the boards of the Fidelco Guide Dog Foundation, Hartford Stage and the University of Hartford's Barney School of Business. In addition, Tedone will continue to serve as an EMT for Simsbury EMS and as a Police Commissioner for the Town of Simsbury.

Caucci comes to Vantis with over 30 years of experience at Penn Mutual. A Fellow of the Society of Actuaries, Caucci is a member of the American Academy of Actuaries, holds the Chartered Financial Consultant (ChFC) designation from The American College, is Chairman of the Pennsylvania Life & Health Insurance Guaranty Association Board of Directors and sits on various boards and committees within the Penn Mutual enterprise.

Smith joined Vantis 20 years ago and quickly progressed through the leadership ranks to his current role as COO, which commenced in 2007. Smith was named Executive Vice President of Vantis in 2011 and Director of the Board at Vantis in 2017.

About Vantis Life:
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families with affordable life insurance products. Vantis Life markets its products through financial institutions and direct-to-consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service. Vantis Life is a separately operated subsidiary of The Penn Mutual Life Insurance Company.

Contact:
Gregory FCA for Vantis Life Jen Diehl, 610-228-2124 vantis@gregoryfca.com

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Vantis Life Affirmed A (Excellent) Credit Rating by A.M. Best

Credit rating verifies Vantis Life's strength, stability

WINDSOR, Conn., Apr. 26, 2018 — For the second consecutive year, Vantis Life Insurance Company, an industry-leading life insurance provider for mid-market and emerging affluent consumers, has been awarded an A (Excellent) credit rating with a stable outlook by A.M. Best. ...See more

Vantis Life's Long-Term Insurer Credit Rating (Long-Term ICR) has also been affirmed as "a" with a positive outlook.

A.M. Best's decision to maintain Vantis Life’s A (Excellent) credit rating was a result of its strong balance sheet, operational performance, business profile and Enterprise Risk Management (ERM).

"Now in our second year as part of the Penn Mutual organization, Vantis Life has broadened its distribution to middle-income customers and upgraded life insurance offerings with cutting-edge technology," said Peter Tedone, President and CEO of Vantis Life. "It's for these reasons that A.M. Best affirmed our institution's credit rating as A (Excellent) with a stable outlook for the second year in a row."

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.

About Vantis Life:
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families affordable life insurance products. Vantis Life markets its products through financial institutions and direct to the consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service. Vantis Life is a separately operated subsidiary of The Penn Mutual Life Insurance Company.

Contact:
Gregory FCA for Vantis Life Jen Diehl, 610-228-2124 vantis@gregoryfca.com

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Vantis Life Hires Digital Marketing Veteran to Spearhead New Direct-to-Consumer Venture

New hire will focus on scaling the Vantis Life brand digitally to expand consumer reach

WINDSOR, Conn., Apr. 4, 2018 — Vantis Life Insurance Company (Vantis Life), a life insurance provider offering solutions to individuals and financial institutions servicing middle-income Americans, announces the hiring of Manuel Lirio as AVP of Consumer Direct Marketing. ...See more

In his new role, Lirio will bolster the Vantis Life brand online by leveraging message development, social media marketing, and search engine optimization techniques to expand the company's consumer reach. Lirio's hiring coincides with Vantis Life's broader push into the direct-to-consumer market to complement its decades of success offering life insurance solutions through community banks, credit unions, and financial institutions.

"Today's consumers are interacting with businesses and making transactions online more comfortably and frequently than ever before. Gone are the days when corporate mailers and phone calls served as the primary avenues to market life insurance. In our digitized world, reaching consumers happens online more than anywhere else," said Craig Simms, Senior Vice President and Chief Marketing Officer at Vantis Life. "As we push into the direct-to-consumer market, Manny's expertise leveraging digital marketing to explain the simplicity and affordability of life insurance products is a perfect fit for Vantis Life."

Lirio joins Vantis Life with decades of experience expanding corporate brands online with SEO, messaging, and social media development strategies. He was previously part of a team that used these techniques to bring a professional liability startup to profitability in its first year of business. He has also served as the Director of Digital Marketing at The Hartford.

"By building on their success in distributing policies through financial institutions, Vantis Life is primed for rapid growth in the direct-to-consumer market," said Lirio. "By relaying to consumers the simplicity and affordability of life insurance with a digital marketing campaign that directly speaks to their unique needs and desires, we hope to place these important financial products into the hands of more Americans."

About Vantis Life:
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families affordable life insurance products. Vantis Life markets its products through financial institutions and direct to the consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service. Vantis Life is a separately operated subsidiary of The Penn Mutual Life Insurance Company.

Contact:
Gregory FCA for Vantis Life Jen Diehl, 610-228-2124 vantis@gregoryfca.com

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Vantis Life Partners with Bob Mittel, Former Prudential Executive

Specialized consulting role to enhance Vantis Life's business development in financial institutions

WINDSOR, Conn., Mar. 5, 2018 — Vantis Life Insurance Company (Vantis Life), a life insurance provider focused on servicing middle-income Americans through multiple channels, including financial institutions, has partnered with Robert J. (Bob) Mittel, former Vice President at Prudential Financial. The consulting partnership begins on March 5, 2018. ...See more

In his consulting role, Mr. Mittel will work closely with Vantis Life's business development team to help banks and credit unions offer recurring and single premium life insurance to their customers and members.

"Bob's deep roots in the financial services industry will enable Vantis Life to significantly enhance our relationships with banks and credit unions," said Craig Simms, Senior Vice President and Chief Marketing Officer at Vantis Life. "As some life insurance companies choose to exit the financial institution channel, Bob's established relationships in these markets will ensure continuity of service and allow increased access to Vantis Life's versatile product line and digital processes.""

Since 1942, Vantis Life has specialized in providing banks and credit unions across the country with life insurance and fixed annuity products. In March 2017, the company obtained an A (Excellent) rating by A.M. Best.

"Vantis Life has significant experience helping financial institutions protect customers with life insurance," said Mittel. "Their emerging digital platform, accelerated underwriting capability and dynamic product line will be a good fit for any organization looking to efficiently meet the needs for middle-income and emerging affluent customers."

About Vantis Life:
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families affordable life insurance products. Vantis Life markets its products through financial institutions and direct to the consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service. Vantis Life is a separately operated subsidiary of The Penn Mutual Life Insurance Company.

Contact:
Gregory FCA for Vantis Life Jen Diehl, 610-228-2124 vantis@gregoryfca.com

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Vantis Life Unveils EstateWise® Platinum Single Premium Life Upgrade

New technology allows for fast decisions and superior benefits

WINDSOR, Conn., Nov. 8, 2017 — Vantis Life Insurance Company (Vantis Life), a life insurance provider offering solutions to financial institutions servicing middle-income Americans, has launched EstateWise® Platinum, a significant upgrade to its single premium whole life insurance (SPWL) product. ...See more

EstateWise® Platinum serves as a tax-efficient inheritance tool for customers and agents of financial institutions. Platinum boasts multiple new features at no additional cost, including a return of premium rider, guaranteeing the policy's cash surrender value will never be less than the premium payment; accelerated benefit riders for chronic illness, critical illness, and terminal illness; and a charitable giving rider, a unique feature that provides an additional death benefit of 1 percent of the policy face amount to the applicant's charity of choice.

"With EstateWise® Platinum, agents, banks and financial advisors can offer a dynamic life insurance product that doubles as an estate planning tool," said Craig Simms, Senior Vice President and Chief Marketing Officer at Vantis Life. "Real-time underwriting technology allows us to offer a fast decision and a superior death benefit for healthier, older applicants. Single premium whole life insurance is a strategic and under-utilized way for consumers to efficiently bequeath assets to loved ones."

EstateWise® Platinum utilizes QuickCheck, a real-time underwriting process designed to quickly issue policies to applicants with favorable health histories between the ages of 50 and 80 by harnessing medical information from pharmaceutical databases.

Originally introduced in 2004, Vantis Life's EstateWise® has helped customers securely bequeath assets to their heirs. Vantis Life offers a variety of life insurance and fixed annuity products to middle market and emerging affluent customers via banks and credit unions.

About Vantis Life:
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families affordable life insurance products. Vantis Life markets its products through financial institutions and direct to the consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service.

Contact:
Gregory FCA for Vantis Life Jen Diehl, 610-228-2124 vantis@gregoryfca.com

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Vantis Life Credit Rating Upgraded to A (Excellent) by A.M. Best

New credit rating follows Vantis' acquisition by Penn Mutual Life Insurance Company

WINDSOR, Conn., March 9, 2017 — Vantis Life Insurance Company (Vantis Life), a life insurance provider that offers solutions to financial institutions that service middle-income Americans, has received an upgraded credit rating from A.M. Best. ...See more

Vantis Life's Financial Strength Rating (FSR), which was previously A- and considered under review with positive implications, is now A (Excellent) with a stable outlook. The Long-Term Issuer Credit Rating (Long-Term ICR) has been changed from "a-" to "a" with a positive outlook.

A.M. Best made the decision to upgrade the credit rating in large part due to Vantis Life's new relationship with established life insurance provider Penn Mutual Life Insurance Company (Penn Mutual), which acquired Vantis Life effective Dec. 31, 2016. A.M. Best analysts asserted that "Vantis Life benefits from its new position as a subsidiary of Penn Mutual, a larger and financially stronger mutual insurance organization."

"Vantis Life has long been a stable, strong and growth-oriented company, and those characteristics are now amplified with the support of Penn Mutual," Peter Tedone, President and CEO of Vantis Life, said. "We're pleased that A.M. Best has recognized our potential for long-term success by upgrading our credit rating and providing a positive outlook for our firm."

A.M. Best is the world's oldest and most authoritative insurance rating and information source.

About Vantis Life:
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families affordable life insurance and annuity products. Vantis Life markets its products through financial institutions and direct to the consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service.

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VANTIS LIFE INSURANCE COMPANY JOINS WITH THE PENN MUTUAL LIFE INSURANCE COMPANY

Completion of Acquisition by Penn Mutual Helps Set Stage for Vantis to Accelerate Growth in Financial Institution Channel

WINDSOR, Conn., February 7, 2017 — Vantis Life Insurance Company (Vantis Life) today announced that its acquisition by The Penn Mutual Life Insurance Company (Penn Mutual) was completed on December 31, 2016. The acquisition was structured to leverage the Vantis Life franchise by retaining the Vantis Life name, staff and management team. Vantis will operate as a wholly-owned subsidiary of Penn Mutual. ...See more

Peter Tedone, president and CEO of Vantis Life, noted, "We are proud to be joining with Penn Mutual. Through this acquisition, we gain the added financial strength of a mutual life insurer, which will enable us to better support the growth objectives of our financial institution clients, and accelerate our plan to become the premier provider of protection and retirement services to the middle market. Penn Mutual's 170-year legacy of financial strength and stability, and its strong mutual structure provide an ideal platform to support our growth objectives by strengthening our existing relationships, expanding the number of financial institution partners, and developing innovative new protection and retirement planning products and services."

Eileen McDonnell, chairman and CEO, Penn Mutual, said, "Our acquisition of Vantis Life enables Penn Mutual to further strengthen our leading life insurance franchise by increasing our ability to provide much needed life and annuity products to American individuals, families and businesses."

Penn Mutual, with an A.M. Best rating of A+, is one of only 12 life insurers to maintain a rating of A or better by A.M. Best for over 75 years—making the list for 88 consecutive years. Penn Mutual is rated Aa3 (Excellent) by Moody's and A+ (Strong) by Standard & Poor's.* The outlook for all three ratings is stable. In light of the acquisition, Vantis' A.M. Best ratings are currently under review with positive implications.

About Vantis Life Insurance Company:
Vantis Life Insurance Company was established in 1942. From its inception, the company's primary goal has been to provide families with affordable life insurance and annuity products available through their financial institutions. Vantis Life prides itself on providing simple, easy-to-afford products to middle and upper middle income families. Sales and marketing information is available at 1-866-826-8471 or www.vantislife.com/.

About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been driven by our purpose to create a world of possibilities. At the heart of this purpose is the belief that purchasing life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life's possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/.

*An insurer's financial strength rating represents an opinion by the issuing agency regarding the ability of an insurance company to meet its financial obligations to its policyholders and contract holders. A.M. Best uses letter grades ranging from A++, the highest, to F, companies in liquidation. Rating modifiers and affiliation codes may also be associated with these ratings. Penn Mutual's A+ (Superior) rating, which was affirmed in March 2016, ranks the second highest out of 16 ratings. Moody's uses a letter grade scale that ranges from Aaa, the highest rating, to C, the lowest rating. It also applies modifiers (1, 2 or 3) for ratings below Aaa to indicate the approximate rank of the company in a particular class. These rating gradations provide investors with a system for measuring an insurance company's ability to meet its policyholder claims and obligations. Penn Mutual's Aa3 Excellent rating, which was reaffirmed in Oct. 2016, ranks the fourth highest out of 21 ratings. Standard and Poor's uses a letter grade scale that ranges from AAA, the highest rating to CCC, the lowest rating. Ratings from AA to B may be modified by a plus or minus sign to show relative standing within those grades. An insurer rated 'BBB' or higher is regarded as having financial security characteristics that outweigh any vulnerability, and is highly likely to have the ability to meet financial commitments. Penn Mutual's A+ Stable rating was applied in December 2016 and ranks the fifth highest out of 21 ratings. For more information about a particular rating or rating agency, please visit the website of the relevant agency.

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PENN MUTUAL AND VANTIS LIFE INSURANCE COMPANIES TO COMBINE

Deal provides broader reach through financial institution and direct-to-consumer channels. Companies to retain respective brands, management teams and headquarters.

HORSHAM, PA., October 10, 2016 — The Penn Mutual Life Insurance Company (Penn Mutual) has entered into a definitive agreement to merge with Connecticut-based Vantis Life Insurance Company (Vantis Life), a deal which will expand Penn Mutual's presence in the life insurance industry by leveraging Vantis Life's bank-focused distribution model. As a result of this deal, Vantis Life will become a wholly-owned affiliate of Penn Mutual, a Pennsylvania mutual life insurer since 1847. ...See more

The deal, which is contingent upon regulatory approval, allows Penn Mutual to expand the reach of its life insurance and annuity products through Vantis Life's direct-to-consumer and bank channels. These additional capabilities will complement the highly regarded adviser network that currently does business with Penn Mutual. Both companies will continue to operate under their current brands and maintain their respective management teams and workforces.

"Penn Mutual is committed to growing our leadership position within the life insurance industry and maintaining our strong track record of success," begins Eileen McDonnell, Chairman and CEO, Penn Mutual. "This combination will allow us to reach more Americans with much needed financial products and advice. We have come to admire the team at Vantis Life, and look forward to helping them serve the needs of the company's existing clients, as well as building new client relationships into the future."

Vantis Life has distribution agreements with more than 150 banks and credit unions, including large super-regional and regional banks, and a footprint that spans 45 states with more than 10,000 branch locations.

In addition, all versions offer nursing care facility waivers and terminal illness waivers. There are no front-end loads or annual fees. The minimum investment from non-qualified funds is $5,000 and the maximum is $500,000.

"Our objective was to create America's easiest-to-buy annuity products," Simms said. "We have done that with our new Tax Saver Freedom series."

Taxes on interest earned during the life of the annuity typically are deferred until funds are withdrawn, generally when the individual is subject to a lower effective tax rate.

"For 75 years, Vantis Life has had unyielding dedication to providing protection products to underinsured, middle-income households," says Peter L. Tedone, President & CEO of Vantis Life. "Penn Mutual's 169-year history and financial wherewithal will allow Vantis Life to continue to develop and deploy cutting-edge technologies and distinctive strategies to reach new customers."

Penn Mutual is one of only 12 life insurers to maintain a rating of A or better by A.M. Best for over 75 years—making the list for 88 consecutive years and is currently rated A+ (Superior) by A.M. Best. Penn Mutual is rated Aa3 (Excellent) by Moody's and A+ (Strong) by Standard & Poor's. The outlook for all three ratings is stable.

"We anticipate that Penn Mutual's financial strength and solid ratings with the three major rating agencies will open new distribution opportunities for Vantis Life," says Tedone. "Penn Mutual's culture and status as a mutual life insurance company is a natural fit for Vantis Life, which is focused on providing 'A Better Life Experience' to customers and agents."

"As the industry moves forward, I believe more life insurance companies will seek high quality partnerships to continue to add value to their customers," says McDonnell.

About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been a mutual life insurance company, domiciled in Pennsylvania. Penn Mutual is a leading provider of life insurance and annuity products delivered through a national network of financial professionals, who help clients live life with confidence. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Penn Mutual is also the parent of Janney Montgomery Scott, a full service securities brokerage, firm headquartered in Philadelphia. Both are Members of FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/.

About Vantis Life
Established in 1942, Vantis Life Insurance Company's primary goal is to provide families affordable life insurance and annuity products. Vantis Life markets its products through financial institutions and direct to the consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service. Based in Windsor, Connecticut, Vantis Life has received a rating of A- Excellent from the A.M. Best Company. For more information, contact 1-860-298-5410. Guy Carpenter Securities acted as advisor to Vantis Life in this transaction.

AM Best — A M. Best's Financial Strength Rating (FSR) is an opinion of an insurer's ability to meet its obligations to policyholders. A.M. Best uses letter grades ranging from A++, the highest, to F, companies in liquidation. Rating modifiers and affiliation codes may also be associated with these ratings.

Moody's — Moody's uses a letter grade scale that ranges from Aaa, the highest rating, to C, the lowest rating. It also applies modifiers (1, 2 or 3) for ratings below Aaa to indicate the approximate rank of the company in a particular class. These rating gradations provide investors with a system for measuring an insurance company's ability to meet its policyholder claims and obligations.

Standard & Poor's — Standard and Poor's uses a letter grade scale that ranges from AAA, the highest rating to CCC, the lowest rating. Ratings from AA to B may be modified by a plus or minus sign to show relative standing within those grades. An insurer rated 'BBB' or higher is regarded as having financial security characteristics that outweigh any vulnerability, and is highly likely to have the ability to meet financial commitments.

©2016 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044  ...See less

VANTIS LIFE'S "EXCELLENT" RATING AFFIRMED BY A.M. BEST

20th Consecutive Year the Life Insurer Earns High Rating

WINDSOR, CT., August 23, 2016 — Vantis Life Insurance Company today announced that A.M. Best, the independent financial services rating agency, has affirmed its A- (Excellent) rating with a Stable Outlook. ...See more

In its report on the company, A.M. Best said, the solid rating reflects "strong brand recognition" and ongoing "growth of ordinary life premiums."

"Vantis Life continues to strengthen its brand by marketing bank-sold protection-oriented life insurance products to the middle market," A.M. Best said in its notification to Vantis. "Its products are easy-to-sell and easy-to-buy in the financial institution channel."

"Clearly, we are pleased with this high A.M. Best rating — a rating maintained for the 20th consecutive year," said Peter Tedone, Vantis Life's President and CEO. "We believe this rating reflects our ongoing solid, conservative financial profile as well as our aggressive business plan to provide customers of financial institutions with easy access to a comprehensive suite of life insurance products."

"With our latest introduction of annuity products, we continue to adapt to changing market conditions as well as the changing financial needs of our customers, helping us remain well positioned for steady, measured growth," he said. "Our hard-to-replicate business model, as always, is focused on the middle income customer — a population segment that is typically overlooked by many other insurance companies."

The A.M. Best Company is the largest and longest-established company devoted to issuing in-depth reports and financial strength ratings about insurance organizations. Ratings are assigned after extensive quantitative and qualitative evaluations of companies' financial strength, operation performance and market profile.    ...See less

VANTIS LIFE INSURANCE LAUNCHES AMERICA'S EASIEST-TO-SELL ANNUITY

"Freedom" Series has Simple Features and a Solid, Guaranteed Rate

WINDSOR, CT., July 28, 2016 - With consumers more and more skittish about the stock market, and Department of Labor (DOL) rules weighing on agents and distribution outlets, Vantis Life Insurance Company has a solution. The company today announced that it now is offering TaxSaver Freedom, a series of easy-to-understand fixed, MYGA annuity products with competitive rates. ...See more

Vantis Life, which primarily sells its products through banks and credit unions, created the products without complicated, hard to understand "bells and whistles" that can be typical of indexed and variable annuities.

"Many people who are planning for retirement, or even those already retired, have found that stock market volatility is very troubling," said Craig Simms, Vantis Senior Vice President/Chief Marketing Officer. "They want guarantees and competitive rates. Our TaxSaver Freedom annuity products deliver with competitive, fixed interest rates guaranteed for 5 or 7 years. The rates currently range from 2% to 2.5%, depending on which of three variations is selected."

The product is offered in three versions: Return of Principal (ROP), Non-ROP and Market Value Adjustment (MVA). In addition, all versions offer nursing care facility waivers and terminal illness waivers. There are no front-end loads or annual fees. The minimum investment from non-qualified funds is $5,000 and the maximum is $500,000.

Also, unlike some other annuities, the new Vantis products are not automatically renewed with new surrender charges at the end of the term. Most other companies will send a notification about 30 days prior to the end of an annuity term. However, many people find they have missed a deadline and are stuck with a renewal they did not really want and perhaps did not need.

"We continue to target the under-served middle income and emerging affluent markets," Simms said. "These markets too often don't have the planning and investments they need to lock in secure retirements."

"Our objective was to create America's easiest-to-sell and easiest-to-buy annuity products," Simms said. "We have done that with our new Tax Saver Freedom series."

Vantis Life Insurance Company was established in 1942. From its inception, the company's primary goal has been to provide families with affordable life insurance and annuity products available through their financial institutions. The Company is celebrating 20 consecutive years of an A-(Excellent) rating from A.M. Best. Vantis Life prides itself on providing simple, easy-to-afford products to middle and upper middle income families. Sales and marketing information is available at 1-866-826-8471 or www.vantislife.com/able.   ...See less

VANTIS LIFE INSURANCE LAUNCHES AMERICA'S EASIEST-TO-BUY ANNUITY

"Freedom" Series has Simple Features and a Solid, Guaranteed Rate

WINDSOR, CT., July 28, 2016 - Are you skittish about the stock market? Vantis Life Insurance has a solution. The insurance company today announced that it now is offering TaxSaver Freedom, a series of easy-to-understand annuity products with competitive rates. ...See more

Vantis Life, which primarily sells its products through banks and credit unions, created the products without complicated, hard to understand "bells and whistles" that can be typical of indexed and variable versions of the product.

"Many people who are planning for retirement, or even those already retired, have found the increased stock market volatility very troubling," said Craig Simms, Vantis Senior Vice President/Chief Marketing Officer. "Our TaxSaver Freedom annuity products offer competitive, fixed interest rates guaranteed for 5 or 7 years. The rates currently range from 2% to 2.5%, depending on which of three variations is selected. One variation also offers a guaranteed return of principal during the guarantee period."

In addition, all versions offer nursing care facility waivers and terminal illness waivers. There are no front-end loads or annual fees. The minimum investment from non-qualified funds is $5,000 and the maximum is $500,000.

"Our objective was to create America's easiest-to-buy annuity products," Simms said. "We have done that with our new Tax Saver Freedom series."

Taxes on interest earned during the life of the annuity typically are deferred until funds are withdrawn, generally when the individual is subject to a lower effective tax rate.

Unlike some other annuities, the new Vantis products are not automatically renewed with new surrender charges at the end of the term. Most other companies will send a notification about 30 days prior to the end of an annuity term. However, many people find they have missed a deadline and are stuck with a renewal they did not really want and perhaps did not need.

"After analyzing the market, we are convinced we now offer America's easiest-to-buy annuities," Simms said.

Vantis Life Insurance Company was established in 1942. From its inception, the company's primary goal has been to provide families with affordable life insurance and annuity products available through their financial institutions. With an A-(Excellent) rating from A.M. Best, Vantis Life prides itself on providing simple, easy-to-afford products to middle and upper middle income families. Sales and marketing information is available at 1-866-826-8471 or www.vantislife.com/able.   ...See less