Jackson National Life topped the carrier rankings for all deferred annuity sales in the second quarter of 2021, according to the recently released 96th edition of Wink’s Sales & Market Report.
Sixty-six indexed annuity providers, 46 fixed annuity providers, 70 multi-year guaranteed annuity (MYGA) providers, 14 structured annuity providers, and 43 variable annuity providers participated in Wink’s Q2 report.
Total second quarter sales for all deferred annuities were $64.4 billion; an increase of more than 10% compared to the previous quarter and an increase of 40.4% compared to the same period last year. Total 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 second quarter include Jackson National’s ranking as the No. 1 carrier overall, with a market share of 7.5%. AIG moved into second place, while Equitable Financial, Allianz Life, and New York Life 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 top-selling deferred annuity, for all channels combined in overall sales for the tenth consecutive quarter.
Total second quarter non-variable deferred annuity sales were $31.5 billion; up 11.1% compared to the previous quarter and up 22% compared to the same period last year. Non-variable deferred annuities include the indexed annuity, traditional fixed annuity, and MYGA product lines.
Highlights for non-variable deferred annuity sales in the second quarter include AIG ranking as the top carrier overall for non-variable deferred annuity sales, with a market share of 8.1%. Global Atlantic Financial Group moved into second place, while MassMutual, New York Life, and Allianz Life completed the top five.
Allianz Life’s Allianz Benefit Control Annuity, an indexed annuity, was the best-selling non-variable deferred annuity, for all channels combined in overall sales for the second consecutive quarter.
Total second quarter variable deferred annuity sales were $32.9 billion; an increase of 9.4% compared to the previous quarter and an increase of 63.5% compared to the same period last year. Variable deferred annuities include the structured annuity and variable annuity product lines.
Jackson National ranked as the top carrier overall for variable deferred annuity sales, with a market share of 14.6%. Equitable Financial held on to the second-place position, as Lincoln National Life, Nationwide, 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 best-selling variable deferred annuity, for all channels combined in overall sales for the tenth consecutive quarter.
Indexed annuities
Indexed annuity sales for the second quarter were $16.6 billion; up 14.5% compared to the previous quarter, and up 29.9% 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 Allianz Life ranking as the top seller of indexed annuities, with a market share of 10.7%. Athene USA moved into the second-ranked position while AIG, Fidelity & Guaranty Life and Sammons Financial Companies rounded out the top five carriers in the market. Allianz Life’s Allianz Benefit Control Annuity was the best-selling indexed annuity, for all channels combined for the third consecutive quarter.
Fixed annuities
Traditional fixed annuity sales in the second quarter were $462.0 million; sales were down 3.1% when compared to the previous quarter, and up 8.5% when compared with the same period last year. Traditional fixed annuities have a fixed rate that is guaranteed for one year only.
Modern Woodmen of America ranked as the top carrier in fixed annuities, with a market share of 18.4%. Global Atlantic Financial Group ranked second, while Jackson National Life, American National, and EquiTrust rounded out the top five.
Forethought Life’s ForeCare Fixed Annuity was the top selling fixed annuity, for all channels combined for the fourth consecutive quarter.
“Unfortunately, fixed annuities with a one-year guaranteed rate have been a casualty of the low interest rate environment,” said Sheryl Moore, CEO of both Wink, Inc. and Moore Market Intelligence. “That aside, we are on track for 2021 to be the best year for overall annuity sales EVER!”
Multi-year guaranteed annuity (MYGA) sales in the second quarter were $14.4 billion; up 8.6% from the previous quarter, and up 15.2% compared to the same period last year. MYGAs have a fixed rate that is guaranteed for more than one year.
New York Life ranked as as the top carrier for MYGA sales, with a market share of 13%. MassMutual took the second spot as Global Atlantic Financial Group, AIG, and Western-Southern Life Assurance Company rounded-out the top five. MassMutual’s Stable Voyage 3-Year was the No. 1-selling multi-year guaranteed annuity for all channels combined.
Structured annuities
Structured annuity sales in the second quarter were $9.8 billion; up 8.9% as compared to the previous quarter, and up 117.9% 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.
Equitable Financial was the top carrier in structured annuity sales, with a market share of 19.3%. Allianz Life ranked second, while Lincoln National Life, Brighthouse Financial, and Prudential completed the top five. Equitable Financial’s Structured Capital Strategies Plus was the best-selling structured annuity for all channels combined, for the second consecutive quarter.
“Structured annuities are definitely the darling of the deferred annuity market,” Moore said. “Everybody’s doing it—if a company isn’t selling it today, they’re doing R&D on it. Structured annuities are here to stay.”
Variable annuities
Variable annuity sales in the second quarter were $23 billion, an increase of 9.6% from the previous quarter and an increase of 47.8% compared to the same period last year. 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.
Highlights for variable annuities in the second quarter include Jackson National Life ranking as the top carrier, with a market share of 20.9%. Nationwide ranked second, while Equitable Financial, Pacific Life Companies, and AIG finished out the top five. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity was the best-selling variable annuity for the ninth 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.
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@Sheryl J Moore
in this reporting, it appears that Structured Annuities are part of the Variable Annuity total. Does this mean that RILA are considered a Structured Annuity & RILA is a just a more current "name" being given to Structured Annuity as I dont see mention of RILA numbers that appear to be gaining a ton of the Variable market share, etc. Or, is RILA already in your Variable Annuity numbers separated from Structured Annuities? For instance, the posted Variable annuity of $32.9, then Structured mentioned as $9.8 & Variable as $23B.
just trying to understand how these are getting broken out. I know LIMRA has been adapting their reporting in recent years as it was always hard to get a handle on how much of the "fixed" annuity in the past was FIA & how much was MYGA or Fixed Deferred
thank you
@Sheryl J Moore
in this reporting, it appears that Structured Annuities are part of the Variable Annuity total. Does this mean that RILA are considered a Structured Annuity & RILA is a just a more current "name" being given to Structured Annuity as I dont see mention of RILA numbers that appear to be gaining a ton of the Variable market share, etc. Or, is RILA already in your Variable Annuity numbers separated from Structured Annuities? For instance, the posted Variable annuity of $32.9, then Structured mentioned as $9.8 & Variable as $23B.
just trying to understand how these are getting broken out. I know LIMRA has been adapting their reporting in recent years as it was always hard to get a handle on how much of the "fixed" annuity in the past was FIA & how much was MYGA or Fixed Deferred
thank you