MULTI-YEAR GUARANTEED AND INDEXED ANNUITY SALES SOAR TO SET RECORDS

MULTI-YEAR GUARANTEED AND INDEXED ANNUITY SALES SOAR TO SET RECORDS

23 November 2022

 Wink, Inc. Releases 3rd Quarter, 2022 Deferred Annuity Sales Results

 

Des Moines, Iowa. November 22, 2022Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1997 released its 101st edition report for 3rd Quarter, 2022. Sixty-three indexed annuity providers, 42 fixed annuity providers, 71 multi-year guaranteed annuity (MYGA) providers, 18 structured annuity providers, and 43 variable annuity providers participated in the report.

 

Total third quarter sales for all deferred annuities were $72.4 billion; a decrease of 0.4% when compared to the previous quarter and an increase of more than 20.9% 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.

 

Noteworthy highlights for all deferred annuity sales in the third quarter include Athene USA ranking as the #1 carrier overall for deferred annuity sales, with a market share of 8.5%. New York Life moved into second place, while Corebridge Financial, Equitable Financial, and Massachusetts Mutual Life Companies 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.

 

 

Total third quarter non-variable deferred annuity sales were $48.8 billion; an increase of 5.5% when compared to the previous quarter and an increase of over 67.1% 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 third quarter include Athene USA ranking as the #1 carrier overall for non-variable deferred annuity sales, with a market share of 12.3%. Massachusetts Mutual Life Companies held onto second place while Corebridge Financial, New York Life, and Sammons Financial Companies completed the top five carriers in the market, respectively. Massachusetts Mutual Life’s Stable Voyage 3-Year, a MYGA, was the #1 selling non-variable deferred annuity, for all channels combined for the quarter.

 

 

Indexed annuity sales for the third quarter were $20.9 billion; up more than 6.9% when compared to the previous quarter, and up more than 20.9% 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 third quarter include Athene USA ranking as the #1 seller of indexed annuities, with a market share of 12.0%.  Allianz Life moved into the second-ranked position while Corebridge Financial, Sammons Financial Companies, and Global Atlantic Financial Group 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.

 

Sheryl Moore, CEO of both Wink, Inc. and Moore Market Intelligence commented, “It was a record-setting quarter for indexed annuity sales! In fact, 2022 will be a record year for indexed annuities as well!”

 

 

Traditional fixed annuity sales in the third quarter were $451.6 million; sales were down 6.8% when compared to the previous quarter, and up more than 25.1 % 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 third quarter include Global Atlantic Financial Group ranking as the #1 carrier in fixed annuities, with a market share of 16.4%. EquiTrust ranked second, while Modern Woodmen of America, Western-Southern Life Assurance Company, and American National, 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 ninth consecutive quarter.

 

 

Multi-year guaranteed annuity (MYGA) sales in the third quarter were $27.4 billion; sales were up more than 4.7% when compared to the previous quarter, and up over 138.0% 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 third quarter include Athene USA ranking as the #1 carrier, with a market share of 12.7%.  New York Life moved into the second-ranked position, while Massachusetts Mutual Life Companies, Brighthouse Financial, and Corebridge Financial rounded out the top five carriers in the market, respectively. Massachusetts Mutual Life’s Stable Voyage 3-Year was the #1 selling multi-year guaranteed annuity for all channels combined.

 

“Multi-Year Guaranteed Annuity sales killed it this quarter,” declared Moore. “This isn’t surprising considering that I have three-year MYGAs today, that are crediting nearly three times the interest that they were in the first quarter.”

 

Structured annuity sales in the third quarter were $10.1 billion; sales were down 3.1% as compared to the previous quarter, and up 11.8% 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 third quarter include Equitable Financial ranking as the #1 carrier in structured annuity sales, with a market share of 21.9%.  Allianz Life ranked second, while Brighthouse Financial, Lincoln National Life, and Prudential completed the top five carriers in the market, respectively. Equitable Financial’s Structured Capital Strategies Plus 21 was the #1 selling structured annuity for all channels combined for the second consecutive quarter.

 

Variable annuity sales in the third quarter were $13.3 billion, down more than 15.9% as compared to the previous quarter and down more than 37.8% as compared to the same period last year. Variable annuities have no floor, and the potential for gains/losses is 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 third quarter include Jackson National Life ranking as the #1 carrier in variable annuities, with a market share of 21.1%. Equitable Financial ranked second, while New York Life, Nationwide, and Lincoln National Life finished out as 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 fifteenth 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.

 

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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.

 

November 22, 2022

Des Moines, IA

(855) ASK-WINK

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