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.
Industry-wide annuity sales up slightly according to IRI’s First Quarter 2018 Annuity Sales Report.
With the DOL fiduciary rule being vacated, the LIMRA Secure Retirement Institute is now forecasting an indexed annuity sales increase between 5 and 10% this year.
If the DOL does not seek a review of the decision by April 30, the court’s mandate will go into effect May 7, dissolving the rule. The DOL also has until June 13 to ask the U.S. Supreme Court to hear its appeal of the decision.
Variable annuity sales dip 9%, marking first time in 20 years that annual VA sales fell below $100 billion. Jackson National Life, New York Life and Allianz Life top sales in variable annuities, fixed annuities and indexed annuities, respectively.
Chip Anderson will be stepping down after three years as fixed annuity association hopes to have a new Executive Director on board in time for its mid-June leadership conference. NAFA is also urging financial professionals to tell Congress to pass the Retirement Enhancement and Savings Act (RESA) before the upcoming budget deadline of March 23.
Uncertainty over DOL’s partially implemented rule blamed for 5% decline in fixed indexed annuity sales, the product line’s first annual decline since 2009, according to just released figures from LIMRA’s Secure Retirement Institute.
Voya Financial selling its closed block variable annuity, fixed and fixed indexed annuity businesses
Athene part of a consortium of investors involved, and will take over the significant majority of Voya’s individual fixed and fixed indexed annuity policies in force with approximately $19 billion of account value.
Study finds those who bought annuities designed for accumulation tend to be under 61, while buyers over age 62 tend to purchase annuities designed to create guaranteed income.
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.