For the first time since 2007, AIG Companies has taken over as the top seller of annuities, according to a report released today by LIMRA Secure Retirement Institute (LIMRA SRI). Aside from a new sales leader, there are two new companies in this year’s top five compared to 2017 sales.
[Read an interview with AIG’s individual retirement chief Todd Solash in the March 14 issue of RIJ.]
The top five sellers of total annuities in 2018 representing 32% of market share were AIG Companies, Jackson National Life, New York Life, Lincoln Financial Group and Allianz Life of North America. The top 10 companies held a 53% market share in 2018.
Kevin Hogan, CEO, AIG Life & Retirement, said in a statement, “I am really proud of our entire team, who do an outstanding job leveraging our broad product expertise and diversified distribution network to meet the evolving needs of our customers.
“Our strategy is not about market share but instead to be in a position to compete at scale in each of our businesses. We have a strong presence across fixed, index and variable annuities, and we’re pleased the market has responded so positively to our offerings. I am also very proud of our distribution partners, and look forward to continuing to work closely with them to advance our mission to help people achieve financial and retirement security.”
Fixed annuities not only had a record breaking sales year, but they also have a new sales leader. According to LIMRA SRI research, this is the fourth consecutive year that annual fixed annuity sales surpassed $100 billion.
The top three sellers of fixed annuities in 2018 were: AIG Companies, New York Life and Allianz Life of North America, representing a combined 24% market share. The top 10 companies held 55% of the market.
This was the first time in six years total variable annuity (VA) sales grew. The three top sellers of variable annuities were: Jackson National Life, AXA US and TIAA, representing a 38% market share. The top 10 companies held a 78% market share in 2018.
To view the entire list of rankings, please visit LIMRA’s Data Bank.
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