Annuities

Indexed & Multi-Year Guaranteed Annuities Are On A Record-Breaking Streak

Total first quarter sales for all deferred annuities were $84.7 billion; sales were up 6.8% when compared to the previous quarter and increased 41.9% when compared to the same period last year

Wink, Inc. releases 1st quarter, 2023 deferred annuity sales results.

Des Moines, Iowa. May 25th, 2023- Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1997, released its 103rd edition report for 1st Quarter, 2023. One hundred and four annuity providers participated in the report.

Total first quarter sales for all deferred annuities were $84.7 billion; sales were up 6.8% when compared to the previous quarter and increased 41.9% when compared to the same period last year. All deferred annuities include the variable annuity, structured annuity, indexed annuity, traditional fixed annuity, and MYGA product lines.

Noteworthy highlights for all deferred annuity sales in the first quarter include Athene USA ranking as the #1 carrier overall for deferred annuity sales, with a market share of 10.2%. Corebridge Financial moved into second place, while Massachusetts Mutual Life Companies New York Life, and Allianz Life rounded out the top five carriers in the market, respectively. Athene’s Athene MYG 5, a MYGA, was the #1 selling deferred annuity, for all channels combined in overall sales.

Total first quarter non-variable deferred annuity sales were $62.9 billion; sales were up 8.7% when compared to the previous quarter and increased 98.2% when compared to the same period last year. Non-variable deferred annuities include the indexed annuity, traditional fixed annuity, and MYGA product lines.

Noteworthy highlights for non-variable deferred annuity sales in the first quarter include Athene USA ranking as the #1 carrier overall for non-variable deferred annuity sales, with a market share of 13.4%. Massachusetts Mutual Life Companies held onto second place while Corebridge Financial, Global Atlantic Financial Group, and New York Life completed the top five carriers in the market, respectively. Athene’s Athene MYG 5 a MYGA, was the #1 selling non-variable deferred annuity, for all channels combined for the quarter.

Total first quarter variable deferred annuity sales were $21.8 billion; sales were up 1.6% when compared to the previous quarter and down 22.0% when compared to the same period last year. Variable deferred annuities include structured annuity and variable annuity product lines.

Noteworthy highlights for variable deferred annuity sales in the first quarter include Equitable Financial ranking as the #1 carrier overall for variable deferred annuity sales, with a market share of 17.3%. Jackson National Life continued in the second-place position, as Lincoln National Life, Brighthouse Financial, and Allianz Life concluded the top five carriers in the market, respectively. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity, a variable annuity, was the #1 selling variable deferred annuity, for all channels combined in overall sales for the sixteenth consecutive quarter.

Indexed annuity sales for the first quarter were $22.6 billion; sales were up 4.4% when compared to the previous quarter, and up 35.5% when compared with the same period last year. Indexed annuities have a floor of no less than zero percent and limited excess interest that is determined by the performance of an external index, such as Standard and Poor’s 500®. This was a record-setting quarter for indexed annuity sales, topping the prior 4th Quarter, 2022 record by 4.4%.

Noteworthy highlights for indexed annuities in the first quarter include Athene USA ranking as the #1 seller of indexed annuities, with a market share of 11.0%. Allianz Life maintained its second-ranked position, while Corebridge Financial, Sammons Financial Companies, and Nationwide rounded out the top five carriers in the market, respectively. Allianz Life’s Allianz Benefit Control Annuity was the #1 selling indexed annuity, for all channels combined for the third consecutive quarter.

Traditional fixed annuity sales in the first quarter were $382.9 million; sales were down 33.4% when compared to the previous quarter, and down 17.3% when compared with the same period last year. Traditional fixed annuities have a fixed rate that is guaranteed for one year only.

Noteworthy highlights for traditional fixed annuities in the first quarter include Global Atlantic Financial Group ranking as the #1 carrier in fixed annuities, with a market share of 17.4%. National Life Group ranked second, while CNO Companies, Western-Southern Life Assurance Company, and Nationwide completed the top five carriers in the market, respectively. Forethought Life’s ForeCare Fixed Annuity was the #1 selling fixed annuity, for all channels combined, for the eleventh consecutive quarter.

Multi-year guaranteed annuity (MYGA) sales in the first quarter were $39.9 billion; sales were up 12.0% when compared to the previous quarter, and up 173.4% when compared to the same period, last year. MYGAs have a fixed rate guaranteed for more than one year. This quarter is the greatest MYGA sales have been since Wink began tracking sales of the products in 2015.

Noteworthy highlights for MYGAs in the first quarter include Athene USA ranking as the #1 carrier, with a market share of 14.8%. Massachusetts Mutual Life Companies moved into the second-ranked position, while New York Life, Corebridge Financial, and Global Atlantic Financial Group rounded out the top five carriers in the market, respectively. Athene’s Athene MYG 5 product was the #1 selling multi-year guaranteed annuity for all channels, combined.

Sheryl Moore, CEO of both Wink, Inc., and Moore Market Intelligence commented, “As long as CD rates remain so low, relative to annuity rates, you can count on indexed and MYG annuity sales being high!”

Structured annuity sales in the first quarter were $9.6 billion; up 2.9% as compared to the previous quarter, and up 2.1% as compared to the same period, the previous year. Structured annuities have a limited negative floor and limited excess interest that is determined by the performance of an external index or subaccounts.

Noteworthy highlights for structured annuities in the first quarter include Equitable Financial ranking as the #1 carrier in structured annuity sales, with a market share of 23.1%. Brighthouse Financial ranked second, while Allianz Life, Lincoln National Life, and Prudential completed the top five carriers in the market, respectively. Equitable Financial’s Structured Capital Strategies Plus 21 was the #1 selling structured annuity, for all channels combined, for the fourth consecutive quarter.

Variable annuity sales in the first quarter were $12.1 billion; up 0.5% as compared to the previous quarter, and down 34.3% as compared to the same period last year. Variable annuities have no floor, and the potential for gains/losses is determined by the performance of the subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.

Noteworthy highlights for variable annuities in the first quarter include Jackson National Life ranking as the #1 carrier in variable annuities, with a market share of 19.9%. Equitable Financial ranked second, while New York Life, Nationwide, and Pacific Life Companies finished out as the top five carriers in the market, respectively. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity was the #1 selling variable annuity for the seventeenth consecutive quarter, for all channels combined.

“I just keep saying this,” exclaimed Moore. “Variable annuity sales likely have never been lower. Until the market turns around, the sales declines will continue.”

 

 

 

Wink reports on indexed annuity, fixed annuity, multi-year guaranteed annuity, structured annuity, variable annuity, and multiple life insurance lines’ product sales. Sales reporting on additional product lines will follow in the future.
For more information, go to www.WinkIntel.com
Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1997, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019 and all non-variable cash value life insurance products in 2017.
The staff of Wink, Inc. has combined experience of nearly 200 years working with insurance products, more than a century of which is specific to competitive intelligence.Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries, serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.
Sheryl J. Moore, CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.