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Stellar Year for Annuity Sales, Wink Reports

According to a recent Wink Sales & Market Report, annuity sales in 2018 were record breaking across the board. Non-variable deferred annuity sales jumped more than 10.1% in the fourth-quarter, compared to the previous quarter, and up nearly 55% over the same period last year. Total non-variable deferred annuities sales, including indexed annuities, traditional fixed annuities, and MYGA product lines, were $113.6 billion in 2018, an increase of 29.1% from 2017.

Other highlights for non-variable deferred annuity sales in the fourth quarter, as reported by InsuranceNewsNet, included:

  • AIG ranking as the No. 1 carrier overall for non-variable deferred annuity sales, with a market share of 9.8%.
  • Allianz Life moved into second place, while Global Atlantic Financial Group, Athene USA and Massachusetts Mutual Life Companies completed the top five carriers in the market, respectively.
  • Allianz Life’s Allianz 222 Annuity, an indexed annuity, was the No. 1 selling non-variable deferred annuity, for all channels combined.

Sixty indexed annuity providers, 54 fixed annuity providers, 68 MYGA providers, and 10 structured annuity companies participated in the 86th edition of Wink’s Sales & Market Report for the fourth quarter, 2018.

Indexed annuity sales skyrocketed in the fourth quarter to $19.2 billion, up nearly 8.5% from the previous quarter and 41% from the same period last year. Total indexed annuity sales for 2018 were up almost 27% from the previous year, to $68.4 billion.

“Indexed annuity sales beat their prior record by nearly 18%!” said Sheryl J. Moore, president and CEO of both Moore Market Intelligence and Wink, Inc. “While sales were down for 2017 because of the Department of Labor, this year’s sales have more than made-up for last year’s loss in sales.”

Highlight for indexed annuities in the fourth quarter included:

  • Allianz Life retaining their No. 1 ranking in indexed annuities, with a market share of 13.6%.
  • Athene USA held the second-ranked position while AIG, Pacific Life Companies, and Nationwide rounded-out the top five in the market, respectively.
  • Allianz Life’s Allianz 222 Annuity was the No. 1 selling indexed annuity for all channels combined.

Traditional fixed annuity sales experienced a similar trend with 2018 sales reaching $3.8 billion, as did multi-year guaranteed annuity (MYGA) sales with total sales reaching $41.3 billion.

“Every single company in the the top 15 experienced increases in MYGA sales; that is unprecedented!” Moore said.

Even structured annuity sales improved in the fourth quarter, hitting $4.1 billion, up more than 19.4% compared to the previous quarter.

Wink currently reports on indexed annuity, fixed annuity, multi-year guaranteed annuity, structured annuity, and multiple life insurance lines’ product sales, but the firm looks forward to adding variable annuity sales to its resume beginning in the first quarter of 2019. Sales reporting on additional product lines is expected to follow in the near future.

Written by Rachel Summit

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