While total annuity sales were down in the second quarter, indexed annuities continued to post strong sales figures, according to Wink’s Sales & Market Report.
Fifty-three indexed annuity providers, 48 fixed annuity providers and 55 MYGA companies participated in the 76th edition of Wink’s Sales & Market Report for 2nd Quarter, 2016. Total second-quarter, non-variable deferred annuity sales were $26.3 billion. Second-quarter total annuity sales were down nearly 3 percent compared to the previous quarter.
Noteworthy highlights for non-variable deferred annuities in the second quarter include Allianz Life ranking as the No. 1 carrier overall for non-deferred annuity sales, with a market share of 11.6 percent. American Equity Companies stood in second position with AIG, Midland National, and Global Atlantic Financial Group rounding out the top five carriers in the market.
Allianz Life’s Allianz 222 Annuity indexed annuity was the No. 1 selling non-variable deferred annuity for overall sales.
Total second-quarter indexed annuity sales were $15.5 billion, up more than 3 percent when compared to the previous quarter and up nearly 28 percent when compared with the same period last year.
“While the sales of indexed annuities fell just shy of a quarterly record, it was the second-highest quarter in the history of the product line.” said Sheryl J. Moore, president and CEO of both Moore Market Intelligence and Wink. “Second-quarter sales are typically unremarkable, but this quarter was greater than every quarter but last year’s record fourth quarter. This really speaks to consumer’s demand for safe money products that can outpace rates at the bank.”
Wink's report differed slightly from sales figures reported by LIMRA earlier this month. According to LIMRA Secure Retirement Institute’s Second Quarter U.S. Annuity Sales survey, fixed indexed annuity sales were $16.2 billion, 30 percent higher than prior year and surpassing prior quarterly sales records.
Wink's second-quarter results showed Allianz Life as the No. 1 carrier in indexed annuities, with a market share of 19.6 percent. American Equity Companies held the second position. Rounding out the top five carriers in the market were AIG, Athene USA, and Great American Insurance Group, respectively.
Allianz Life’s Allianz 222 Annuity was the No. 1 selling indexed annuity for the eighth consecutive quarter.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at john.hilton@innfeedback.com.
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