Total fourth quarter non-variable deferred annuity sales were $21.0 billion; down nearly 8% from the prior quarter, and down almost 14% from the same period a year prior, according to Wink’s Sales & Market Report for the fourth quarter of 2016. Overall non-variable deferred annuity sales for 2016 were $96.9 billion.
Since 2015, the Wink report has included all non-variable deferred annuities, including indexed annuities, traditional fixed annuities, and multi-year guaranteed annuities (MYGA) product lines.
Allianz Life was the top seller of non-variable deferred annuity sales in the fourth quarter with a market share of 9.1%, followed by Athene USA, American Equity Companies, New York Life, and AIG. Allianz Life’s Allianz 222 Annuity indexed annuity was the top selling non-variable deferred annuity.
“Indexed annuity sales for 2016 were $58 billion. That tops last year’s record by nearly 10%” said Sheryl J. Moore, president and CEO of both Moore Market Intelligence and Wink, Inc., in a press release. “Although the market stopped short of $60 billion in sales, this is still an impressive feat considering the Department of Labor’s pending Fiduciary Rule.”
In the indexed annuity category, Allianz Life was the top seller with a market share of 14.3%, followed by Athene USA, American Equity Companies, Great American Insurance Group, and AIG. The Allianz 222 Annuity was the overall best-selling indexed annuity for the tenth consecutive quarter.
Sales of traditional fixed annuity in the fourth quarter of last year were just over $1 billion, declining more than 16% from the third quarter of 2016 and down over 63% from the fourth quarter of 2015.
With a 14% market share, the top seller of fixed annuities was Jackson National Life, followed by MetLife (dba Brighthouse Financial), Great American Insurance Group, Reliance Standard, and Global Atlantic Financial Group. Forethought Life’s ForeCare Fixed Annuity was the top-selling fixed annuity for the quarter.
MYGA sales for the fourth quarter were $6.6 billion; down more than 8% from the previous quarter but up more than 12% over the same period last year.
New York Life was top seller of MYG annuities, with a market share of 19.4%, followed by Global Atlantic Financial Group, Security Benefit Life, and Symetra Financial. Security Benefit’s Life RateTrack 5-Year was the top-selling multi-year guaranteed annuity for the quarter.
Fifty-five indexed annuity providers, 48 fixed annuity providers, and 55 MYGA companies participated in the 78th edition of Wink’s Sales & Market Report for 4th Quarter, 2016.
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