Total third quarter sales of fixed indexed annuities were $11.4 billion, according to the 69th edition of Wink’s Sales & Market Report, which includes 47 issuers representing 99.8% of indexed annuity production, according to Wink president and CEO Sheryl Moore.
FIA sales were down 8.58% compared to the previous quarter, but up 14.28% when compared with the third quarter in 2013. Year-to-date 2014 sales were $34,942. Full-year sales in 2013 were $38,660.
“Third quarter year-to-date sales of indexed annuities are greater than they have been in any full year with the exception of 2013’s record-setting sales,” Moore said in a release.
Allianz Life led FIA sales with a market share of 26.80%, followed by American Equity Companies, Security Benefit Life, Great American Insurance Group, and Athene USA. Allianz Life’s Allianz 222 Annuity was the top-selling FIA for the quarter.
For indexed life sales, 47 insurance carriers participated in Wink’s Sales & Market Report, representing 95.2% of production. Third quarter sales were $3.72.8 million. Results were up 4.46% when compared with the previous quarter, and up 18.73% when compared to the same period last year.
Pacific Life Companies maintained their lead in indexed life sales, with an 11.61% market share, followed by Aegon, National Life Group, Minnesota Life, and Zurich American Life. Western Reserve Life Assurance Company of Ohio’s WRL Financial Foundation was top-selling indexed life insurance product for the third consecutive quarter. The average indexed UL target premium reported for the quarter was $7,119, an increase of nearly 12% from the prior quarter.
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