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Annuity Sales Up Year-over-Year; Nationwide and Global Atlantic Surge in LIMRA Q1 Sales Rankings


According to InsuranceNews.Net Athene Life and Annuity continues to dominate as the leading annuity seller, but two insurers—one traditional and one more modern—made notable gains in the LIMRA first-quarter sales rankings.

Nationwide, a traditional life insurer, secured the fourth spot in Q1 sales with $5.3 billion, rising from seventh place in 2023, according to LIMRA’s U.S. Individual Annuity Sales Survey. Meanwhile, Global Atlantic, owned by private equity, jumped from 11th in 2023 to seventh, achieving $4.25 billion in Q1 sales.

Athene maintained its commanding lead with $9.7 billion in sales for Q1. Also private-equity owned, Athene achieved over $35.5 billion in annuity sales in 2023.

Total annuity sales reached $106.7 billion in the first quarter of 2024, marking a 13% increase from the previous year, according to LIMRA. This figure is slightly lower than the preliminary results released on April 25. These are the highest first-quarter sales results since LIMRA began tracking sales in the 1980s.

LIMRA Breakdown

On the opposite end of the sales spectrum, MassMutual dropped from its second-place position in 2023 to eighth in Q1, with $3.8 billion in sales. This is a significant decline from the previous year’s pace, which totaled $24.7 billion in sales.

LIMRA’s annuity survey covers 92% of the total U.S. annuity market. The association provided a detailed sales breakdown by product type:

Total fixed-rate deferred annuity (FRD) sales reached $43 billion in the first quarter, a 4% increase compared to Q1 2023. This marks the ninth consecutive quarter of growth for FRD annuity sales. FRD annuities continue to be the main driver of annuity sales growth, accounting for over 40% of the total annuity market in the first quarter.

Fixed Indexed Annuities

Fixed indexed annuity (FIA) sales hit a record high in the first quarter, totaling $28.6 billion, a 24% increase from the previous year. FIA sales have now enjoyed 12 consecutive quarters of year-over-year growth.

Income Annuities

Income annuity product sales continue to flourish in the high-interest-rate environment. Single premium immediate annuity (SPIA) sales reached $3.6 billion in the first quarter, a 6% increase from the previous year. Deferred income annuity (DIA) sales climbed to $1.2 billion in the first quarter, marking a 40% year-over-year increase.

Registered Index-Linked Annuities

Registered index-linked annuity (RILA) sales set a new record for the fourth consecutive quarter, rising 39% in the first quarter to $14.5 billion.

Nationwide and Global Atlantic have made impressive strides in the LIMRA Q1 annuity sales rankings, demonstrating their strong market positions and the dynamic nature of the annuity industry. As these companies continue to innovate and adapt to market conditions, their upward trajectory highlights the growing demand for reliable retirement income solutions. With sustained interest in annuities and a competitive landscape, the industry is poised for continued growth and evolution in the coming quarters.

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