Structured Annuities Crush Previous Records!
Wink, Inc. Releases 2 nd Quarter, 2025 Annuity Sales Results
Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 112 th edition report for 2 nd Quarter, 2025. One hundred and thirty-nine annuity providers participated in the report.
Total second quarter sales for all annuities were $114.9 billion; sales were up 16.9% when compared to the
previous quarter and up 6.3% when compared to the same period last year. All annuities include the multi-year guaranteed (MYG) annuity, traditional fixed annuity, indexed annuity, structured annuity, variable annuity, immediate income (SPIA), and deferred income annuity (DIA) product lines.
Noteworthy highlights for all annuity sales in the second quarter include New York Life ranking as the #1
carrier overall for annuity sales, with a market share of 7.5%. Massachusetts Mutual Life Companies came in
second place, while Athene USA, Corebridge Financial, and Equitable Financial completed the top five carriers in the market, respectively.
Total second quarter sales for all deferred annuities were $111.5 billion; sales were up 17.3% when compared
to the previous quarter and up 6.6% when compared to the same period last year. All deferred annuities include
the multi-year guaranteed annuity, traditional fixed, indexed annuity, structured annuity, and variable annuity product lines.
Noteworthy highlights for all deferred annuity sales in the second quarter include Athene USA ranking as the
#1 carrier overall for deferred annuity sales, with a market share of 6.6%. Corebridge Financial moved into the second-ranked position, while Massachusetts Mutual Life Companies, New York Life, and Equitable Financial completed the top five carriers in the market, respectively. Massachusetts Mutual Life’s Stable Voya 3-Year, a MYG annuity, was the #1 selling deferred annuity, for all channels combined, in overall sales for the quarter.
Total second quarter non-variable deferred annuity sales were $77.9 billion; sales were up 24.3% when compared to the previous quarter and up 5.8% when compared to the same period last year. Non-variable deferred annuities include the MYG annuity, traditional fixed annuity, and indexed annuity product lines.
Noteworthy highlights for non-variable deferred annuity sales in the second quarter include Athene USA ranking as the #1 carrier overall for non-variable deferred annuity sales, with a market share of 9.1%. Massachusetts Mutual Life Companies took the second ranked position, while Corebridge Financial, New York Life, and Fidelity & Guaranty Life completed the top five carriers in the market, respectively. Massachusetts Mutual Life’s Stable Voya 3-Year, a MYG annuity, was the #1 selling non-variable deferred annuity for the quarter, for all channels combined, in overall sales for the quarter.
Total second quarter variable deferred annuity sales were $33.5 billion; sales were up 3.8% when compared to the previous quarter and up 8.4% when compared to the same period last year. Variable deferred annuities include structured annuity and variable annuity product lines.
Noteworthy highlights for variable deferred annuity sales in the second quarter include Equitable Financial ranking as the #1 carrier overall for variable deferred annuity sales, with a market share of 16.6%. Jackson National Life continued in the second-place position, as Lincoln National Life, Allianz Life, and Brighthouse Financial completed the top five carriers in the market, respectively. Equitable’s Structured Capital Strategies Plus 21, a structured annuity, was the #1 selling variable deferred annuity, for all channels combined, in overall sales for the fifth consecutive quarter.
Total second quarter income annuity sales were $3.3 billion; sales were up 4.6% when compared to the previous quarter and down 1.3% when compared to the same period last year. Income annuities include immediate income annuity (SPIA) and deferred income annuity (DIA) product lines.
Noteworthy highlights for income annuity sales in the second quarter include New York Life ranking as the #1 carrier overall for income annuity sales, with a market share of 44.4%. Massachusetts Mutual Life Companies moved in the second-ranked position, as Western Southern Life Assurance Company, Nationwide, and Penn Mutual completed the top five carriers in the market, respectively.
Multi-year guaranteed annuity (MYGA) sales in the second quarter were $45.4 billion; sales were up 29.1% when compared to the previous quarter, and up 10.7% 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 second quarter include Massachusetts Mutual Life Companies ranking as the #1 seller, with a market share of 13.3%. New York Life continued in the second-ranked position, while Corebridge Financial, Athene USA and Fidelity & Guaranty Life concluded as the top five carriers in the market, respectively. Massachusetts Mutual Life’s Stable Voya 3-Year product was the #1 selling multi-year guaranteed annuity, for all channels combined, for the quarter.
Sheryl Moore, CEO of both Wink, Inc., and Moore Market Intelligence commented, “The banks and broker dealers, in particular, are leading with MYGAs. As a result, two out of every five annuity sales are fixed annuities with a rate that is guaranteed for longer than one year.”
Traditional fixed annuity sales in the second quarter were $459.7 million; sales were down 7.6% when compared to the previous quarter, and down 9.2% 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 second quarter include Global Atlantic Financial Group ranking as the #1 seller, with a market share of 18.4%. Modern Woodmen of America ranked second, while CNO Companies, National Life Group, and Western-Southern Life Assurance Company concluded as 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 twentieth consecutive quarter.
Indexed annuity sales for the second quarter were $32.0 billion; sales were up 18.6% when compared to the previous quarter, and down 0.1% 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 second quarter include Athene USA ranking as the #1 seller, with a market share of 12.6%. Corebridge Financial ranked second, while Allianz Life, Sammons Financial Companies, and American Equity Companies completed the top five carriers in the market, respectively. American Equity’s IncomeShield 10 was the #1 selling indexed annuity, for all channels combined, for the third consecutive quarter.
Structured annuity sales in the second quarter were $18.2 billion; sales were up 10.8% as compared to the previous quarter, and up 16.2% as compared to the same period last year. It was a record-setting quarter for structured annuity sales. 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 second quarter include Equitable Financial ranking as the #1 seller, with a market share of 20.7%. Allianz Life ranked second, while Brighthouse Financial, Prudential, and Lincoln National Life completed the top five carriers in the market, respectively. Equitable’s Structured Capital Strategies Plus 21 was the #1 selling structured annuity, for all channels combined, for the fifth consecutive quarter.
“What amazed me about structured annuities this quarter was a relatively new entrant that had already moved into the top ten rankings for the product,” declared Moore. “A long-time variable annuity seller, who held off on their structured design, is poised to crush it!”
Variable annuity sales in the second quarter were $15.3 billion; sales were down 3.3% as compared to the previous quarter, and up 0.4% compared to the same period last year. Variable annuities have no floor, and the potential for gains/losses is determined by the performance of subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.
Noteworthy highlights for variable annuities in the second quarter include Jackson National Life ranking as the #1 seller, with a market share of 19.1%. Equitable Financial ranked second, while New York Life, Nationwide, and Lincoln National Life finished 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 twenty-fifth consecutive quarter, for all channels combined.
“As long as the market keeps trending up, we should see VA sales increase over last year,” explained Moore.
Immediate income annuity (Single Premium Immediate Annuity, a.k.a. SPIA) sales in the second quarter were $2.6 billion; sales were up 4.6% as compared to the previous quarter and up 3.2% as compared to the same period last year.
Noteworthy highlights for SPIAs in the second quarter include New York Life ranking as the #1 seller, with a market share of 43.8%. Western-Southern Life Assurance Company ranked second, while Massachusetts Mutual Life Companies, Nationwide, and Penn Mutual finished as the top five carriers in the market, respectively.
Deferred income annuity (DIA) sales in the second quarter were $701.3 million; sales were up 4.3% compared to the previous quarter and down 15.5% as compared to the same period last year.
Noteworthy highlights for DIAs in the second quarter include New York Life ranking as the #1 seller, with a market share of 46.6%. Massachusetts Mutual Life Companies ranked second, as Western-Southern Life Assurance Company, Integrity Life Companies, and Global Atlantic Financial Group finished as the top five carriers in the market, respectively.
Wink now reports sales on all annuity lines of business, as well as all life insurance product lines.
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 insurance product sales since 1998, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, guarantee period, and more. Wink’s Sales & Market Report expanded to cover all annuity products and all life insurance products in 2024.
The staff of Wink, Inc. has combined experience of nearly 200 years working with insurance products, more than a century 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, reinsurers, 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.
August 22, 2025
Des Moines, IA
(855) ASK-WINK