Wink’s Sales & Market Report finds total deferred annuity sales only declined slightly in the first quarter of the year in spite of the coronavirus pandemic.
Improved economic and regulatory conditions have prompted LIMRA Secure Retirement Institute to forecast total annuity sales to increase 5-10% in 2018 and improve up to 5% in 2019.
While 2017 annuity sales totals are still tracking toward a decline, the Institute has revised its 2018 forecast and now predicts a 5% increase of overall annuity sales next year.
Annuity industry insider shares accomplishments at REACH event less than two months into his tenure, including unveiling a set of strategic priorities for 2019 and quarterly “town hall” conference calls.
Under the new plan, effective September 15, the company will no longer accept applications for annuities or new retirement plans, while continuing to service and support existing clients in both businesses. As a result of this decision, the company will reduce its workforce by approximately 300 positions.
New sales forecast from LIMRA’s Secure Retirement Institute predicts IA sales will continue to drive sales growth while variable annuities see further declines before rebounding in 2022.
As total annuity sales drop 15% in 3Q compared to last year, IRI’s “State of the Industry” identifies and predicts sales trends impacted by uncertainty over the DOL Fiduciary Rule.
Just as LIMRA also reported this week that FIAs had their highest sales quarter ever, Wink’s Sales & Market Report says Q2 2019 sales bested previous record by 3%.
New LIMRA Secure Retirement Institute report shows increase bumped by spike in fixed indexed annuity sales.
Quarterly U.S. annuity sales fell below the $50 billion mark for the first time in 15 years during the third quarter of 2017 according to LIMRA Secure Retirement Institute’s Third Quarter 2017 U.S. Retail Annuity Sales Survey, released on Nov. 29.