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STRUCTURED ANNUITY STEAL THE SHOW IN 2020!
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Wink, Inc. Releases 4th Quarter, 2020 Deferred Annuity Sales Results
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Des Moines, Iowa. May 4th, 2021– Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. Sixty-one indexed annuity providers, 45 fixed annuity providers, 69 multi-year guaranteed annuity (MYGA) providers, 14 structured annuity providers, and 46 variable annuity providers participated in the 94th edition of Wink’s Sales & Market Report for 4th Quarter, 2020.
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Total fourth quarter sales for all deferred annuities were $56.3 billion; an increase of nearly 4.0% when compared to the previous quarter and an increase of nearly 6.0% when compared to the same period last year. Total 2020 deferred annuity sales were $209.1 billion.
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Noteworthy highlights for all deferred annuity sales in the fourth quarter include Jackson National Life ranking as the #1 carrier overall for deferred annuity sales, with a market share of 8.8%. New York Life moved into second place, while Allianz Life, Equitable Financial, and Brighthouse Financial 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 eighth consecutive quarter.
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Total fourth quarter non-variable deferred annuity sales were $28.7 billion; down nearly 7.0% when compared to the previous quarter and up 7.0% when compared to the same period last year. Total 2020 non-variable deferred annuity sales were $112.5 billion. Non-variable deferred annuities include the indexed annuity, traditional fixed annuity, and MYGA product lines.
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Noteworthy highlights for non-variable deferred annuity sales in the fourth quarter include New York Life ranking as the #1 carrier overall for non-variable deferred annuity sales, with a market share of 7.9%. Athene USA moved into second place, while American Equity Companies, AIG, and Sammons Financial Companies completed the top five carriers in the market, respectively. Western-Southern Life’s SmartSelect 3-Year, a multi-year guaranteed annuity, was the #1 selling non-variable deferred annuity, for all channels combined in overall sales.
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Total fourth quarter variable deferred annuity sales were $27.5 billion; an increase of 18.2% when compared to the previous quarter and an increase of 4.5% when compared to the same period last year. Total 2020 variable deferred annuity sales were $96.5 billion. Variable deferred annuities include the structured annuity and variable annuity product lines.
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Noteworthy highlights for variable deferred annuity sales in the fourth quarter include Jackson National Life ranking as the #1 carrier overall for variable deferred annuity sales, with a market share of 17.6%. Equitable Financial moved into the second-place position, as Lincoln National Life, Allianz Life, and Brighthouse Financial 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 eighth consecutive quarter.
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Indexed annuity sales for the fourth quarter were $15.0 billion; up 9.3% when compared to the previous quarter, and down 12.1% when compared with the same period last year. Total 2020 indexed annuity sales were $58.1 billion. 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®.
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Noteworthy highlights for indexed annuities in the fourth quarter include Athene USA retaining the #1 ranking in indexed annuities, with a market share of 12.4%. AIG gained the second-ranked position while Sammons Financial Companies, Allianz Life, 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.
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Traditional fixed annuity sales in the fourth quarter were $474.1 million; sales were down 2.9% when compared to the previous quarter, and down 31.4% when compared with the same period last year. Total 2020 fixed annuity sales were $2.0 billion. Traditional fixed annuities have a fixed rate that is guaranteed for one year only.
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Noteworthy highlights for traditional fixed annuities in the fourth quarter include Modern Woodmen of America ranking as the #1 carrier in fixed annuities, with a market share of 20.5%. Global Atlantic Financial Group ranked second while Jackson National Life, EquiTrust, and OneAmerica 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 second consecutive quarter.
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Multi-year guaranteed annuity (MYGA) sales in the fourth quarter were $13.2 billion; down 20.5% when compared to the previous quarter, and up 44.7% when compared to the same period last year. Total 2020 MYGA sales were $52.3 billion. MYGAs have a fixed rate that is guaranteed for more than one year.
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Noteworthy highlights for MYGAs in the fourth quarter include New York Life ranking as the #1 carrier, with a market share of 17.2%. American Equity Companies moved to the second-ranked position, as Brighthouse Financial, Western-Southern Life Assurance Company, and AIG 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.
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Structured annuity sales in the fourth quarter were $8.4 billion; up 34.5% as compared to the previous quarter, and up 70.8% as compared to the previous year. Total 2020 structured sales were $24.0 billion. Structured annuities have a limited negative floor and limited excess interest that is determined by the performance of an external index or subaccounts.
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Noteworthy highlights for structured annuities in the fourth quarter include Allianz Life ranking as the #1 carrier in structured annuity sales, with a market share of 21.6%. Equitable Financial ranked second, while Lincoln National Life, Brighthouse Financial, and Prudential completed the top five carriers in the market, respectively. Prudential’s Prudential FlexGuard Indexed Variable Annuity was the #1 selling structured annuity for all channels combined.
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“In the past, I’ve made the observation that structured annuities are experiencing sales similar to that of indexed annuities, during the same period of the products’ maturity. That will change this year,” observed Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. “I project that structured annuity sales will soon gain enough momentum to surpass where their indexed brethren were just over a decade after development,” she explained. “The consistent double-digit gains in structured annuity sales over the previous quarter, year, and year-to-date support this!”
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Variable annuity sales in the fourth quarter were $19.1 billion, an increase of 12.2% as compared to the previous quarter and a decline of 10.7% as compared to the same period last year. Total 2020 variable sales were $72.4 billion. Variable annuities have no floor, and potential for gains/losses that are determined by the performance of the subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.
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Noteworthy highlights for variable annuities in the fourth quarter include Jackson National Life continuing their ranking as the #1 carrier in variable annuities, with a market share of 25.4%. Nationwide ranked second, while Equitable Financial, New York Life, and Lincoln National 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 eighth consecutive quarter, for all channels combined.
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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.
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For more information, go to www.WinkIntel.com
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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.
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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.
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Sheryl J. Moore is president and 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.
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May 4, 2021
Des Moines, IA
(855) ASK-WINK
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