Annuities

Multi-Year Guaranteed Annuity Sales Growth Dominates In 2022

(MYGA) sales in the first quarter were $14.5 billion; sales were up 30.1% when compared to the previous quarter, and up more than 9.86% when compared to the same period last year

Wink, Inc. releases 1st Quarter, 2022 deferred annuity sales results.

Des Moines, Iowa. May 26, 2022- Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. Sixty-two indexed annuity providers, 44 fixed annuity providers, 68 multi-year guaranteed annuity (MYGA) providers, 16 structured annuity providers, and 43 variable annuity providers participated in the 99th edition of Wink’s Sales & Market Report for 1st Quarter, 2022.

Total first quarter sales for all deferred annuities were $59.7 billion; a decrease of 1.9% when compared to the previous quarter and an increase of 2.2% 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.

Deferred Annuity Sales

Noteworthy highlights for all deferred annuity sales in the first quarter include Jackson National Life ranking as the #1 carrier overall for deferred annuity sales, with a market share of 7.8%. New York Life moved into second place, while AIG, Equitable Financial, and Allianz Life rounded out 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 deferred annuity, for all channels combined in overall sales for the thirteenth consecutive quarter.

Non-Variable Deferred Annuity Sales

Total first quarter non-variable deferred annuity sales were $31.7 billion; an increase of 10.7% when compared to the previous quarter and an increase of 12.0% 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 AIG ranking as the #1 carrier overall for non-variable deferred annuity sales, with a market share of 9.5%. New York Life moved into second place, while Massachusetts Mutual Life Companies, Athene USA, and Global Atlantic Financial Group completed the top five carriers in the market, respectively. Western-Southern life’s SmartSelect 3-Year, a MYGA, was the #1 selling non-variable deferred annuity, for all channels combined.

Variable Deferred Annuity Sales

Total first quarter variable deferred annuity sales were $27.9 billion; down 13.3% when compared to the previous quarter and down more than 6.9% when compared to the same period last year. Variable deferred annuities include the structured annuity and variable annuity product lines.

Noteworthy highlights for variable deferred annuity sales in the first quarter include Jackson National Life ranking as the #1 carrier overall for variable deferred annuity sales, with a market share of 15.3% Equitable Financial held onto the second-place position, as Lincoln National Life, Brighthouse Financial, and Nationwide 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 thirteenth consecutive quarter.

Index Annuity Sales

Indexed annuity sales for the first quarter were $16.6 billion; down 1.6% when compared to the previous quarter, and up 14.5% 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®.

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 8.7%. Allianz Life maintained the second-ranked position while AIG, Sammons Financial Companies, and Fidelity & Guaranty Life 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 sixth consecutive quarter.

Sheryl Moore, CEO of both Wink, Inc. and Moore Market Intelligence commented, “Indexed annuity sales are blowing past where they were this time last year. If this quarter is an indicator of things to come, this could be a record year for indexed annuity sales.”

Traditional Fixed Annuity Sales

Traditional fixed annuity sales in the first quarter were $463.5 million; sales were down 4.8% when compared to the previous quarter, and up more than 2.8 % 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 Modern Woodmen of America ranking as the #1 carrier in fixed annuities, with a market share of 21.15%. Global Atlantic Financial Group ranked second, while Jackson National Life, American National, and EquiTrust rounded out 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 seventh consecutive quarter.

Multi-Year Guaranteed Annuity

Multi-year guaranteed annuity (MYGA) sales in the first quarter were $14.5 billion; sales were up 30.1% when compared to the previous quarter, and up more than 9.86% when compared to the same period last year. MYGAs have a fixed rate that is guaranteed for more than one year.

Noteworthy highlights for MYGAs in the first quarter include New York Life ranking as the #1 carrier, with a market share of 19.0%. Massachusetts Mutual Life Companies moved to the second-ranked position, while AIG, Western-Southern Life Assurance Company, and Global Atlantic Financial Group rounded out the top five carriers in the market, respectively.Western-Southern Life’s SmartSelect 3-Year was the #1 selling multi-year guaranteed annuity for all channels combined for the quarter.

“Multi-Year Guaranteed Annuity sales exploded again this quarter” observed Moore. “If interest rates continue their upward movement, we can count on more of this in future quarters.”

Structured Annuity Sales

Structured annuity sales in the first quarter were $9.4 billion; sales were down more than 6.3% as compared to the previous quarter, and down 4.6% as compared to 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 21.0%. Allianz Life ranked second, while Prudential, Brighthouse Financial, and Lincoln National Life completed the top five carriers in the market, respectively. Pruco Life’s Prudential FlexGuard Indexed VA was the #1 selling structured annuity for all channels combined, for the third consecutive quarter.

Variable Annuity Sales

Variable annuity sales in the first quarter were $18.5 billion, down more than 16.4% as compared to the previous quarter and down 11.9% as compared to the same period last year. Variable annuities have no floor, and the potential for gains/losses are 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 21.7%. Equitable Financial ranked second, while Lincoln National Life, Nationwide, and New York Life finished out 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 thirteenth consecutive quarter, for all channels combined.

 

 

 

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 a combined experience of more than 175 years working with insurance products, more than a decade 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.